Chart of Accounts

Overview

Chart of Accounts is a list of all the accounts that your company identifies and makes available for recording transactions in its general ledger. A company has the flexibility to tailor its chart of accounts to best suit its needs. The accounts vary from one industry to another. When a new company is created, Core offers you a pre-filled chart of accounts to use for your business. After selecting a template, you can add, edit or delete accounts to customize it further. Click to watch this video on creating accounts in Core.

 

 

Chart of Accounts are generally parent accounts with sub-accounts under them. Some account types are fiscal year-to-date and others are from inception. Year-to-date account types include Cost of Goods Sold, Other Income and Other Expense accounts. Account types like Bank and Accounts Receivable never reset. You can create balance sheet accounts like asset, liability and equity (for example, bank, credit card and retainer) or non-balance sheet accounts called profit and loss accounts (say, income and expense). Balance sheet accounts have a running balance.

 

From the functionality viewpoint, the Chart of Accounts screen is used to set up general ledger accounts, check the debit, credit and running balances of accounts, view registers and reconcile accounts. It displays a list of active accounts. You can look into the detailed registers that itemize each transaction, thus allowing you to track possible mistakes.

 

There are primarily five accounts under two account types, which can further have their own sub-accounts.

 

Type Account Sub-Account
Balance Sheet Accounts Assets Bank, Other Current Asset, A/R, Fixed Asset, Other Asset, etc.
Liabilities A/P, Credit Card, etc.
Equity  
Profit & Loss Accounts Income Income, Other Income, etc.
Expense Expense, Other Expense, etc.

 

Note: You can get a visual overview of this feature in Core from the General Accounting flowchart.

 

Click here to see the field descriptions.

Basic Tasks

Create New Accounts

 

Edit Accounts

 

Print Reports

Advanced Tasks

Send Accounts

 

Use Account Registers

 

Reconcile Accounts

 

Merge Accounts

 

Show/Hide Columns in Grid

 

Export Accounts

 

Apply Filters

 

Mark Screen as Favorite