Accounting 🡪 Settings → Chart of Account → Add
This section guides you through the process of defining a new chart of accounts within the accounting module. Each field is meticulously defined to ensure accurate categorization of financial transactions and optimal organisation of your financial structure.
Here is the description of each field:
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Account Type: Select the overarching category to which the account belongs, such as Receivable, Current Assets, Cash, etc.
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Detail Type: Specify the second level of classification within the chosen account type, providing additional granularity.
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Name: Assign a unique identifier or label to the account, representing the third level of the chart of accounts.
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Parent Account: Indicate the hierarchical relationship by selecting the primary account under which the new account will be nested.
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Description: Optionally, provide additional information or context to describe the purpose or usage of the account.
Example: Fixed assets → Buildings → Warehouse
Figure 1 New Chart of Account