Setting up your chart of accounts

Watch how to set up your Chart of Accounts or read on below:

What is a chart of accounts?

It is a listing of the names of the accounts that your company has identified for recording transactions.

What are the classes of accounts?

1. Revenue accounts
2. Expense accounts
3. Asset accounts
4. Liability accounts
5. Equity accounts

These classes of accounts are also further broken down into types and should have at least a name.

What do the rest of the columns in the chart of accounts represent?

1. Parent account: Used to create subaccounts
2. Enable payments: When the column is set to yes, the account will show up in dropdown menus when recording payments
3. Debit/credit: The debit or credit balance of the account
4. Activity: The type of cash flow activity for the account, is usually one of the following, operating, investing, or financing.
5. Show in expense claims: If this column is enabled, employees will have the option to choose this account when submitting their expense claims.

How do I customize the chart of accounts for my business?

If you want to modify the standard chart of accounts offered by Wafeq, or create additional accounts, right-click on any row, then choose Insert row. In the Account name column, give your account a name. Then enter its numeric code, and from the Type dropdown menu, choose your account's type.