Chart of Account

In the context of accounting and financial management, a "Chart of Accounts" (COA) is a structured list of all the general ledger accounts that an organization uses to record its financial transactions. The COA is a fundamental component of an accounting system and plays a central role in organizing, categorizing, and tracking financial information.

Creating a Chart of Accounts in ASAERP is crucial for organizing and managing your financial transactions effectively. Here's a step-by-step guide on how to create a Chart of Accounts:

Step 1: Access ASAERP

  • Log in to your ASAERP account using your username and password.

Step 2: Navigate to the Chart of Accounts Module

  • In the ASAERP dashboard, on the left sidebar, click on "Modules" to expand it.

  • From the expanded menu, select "Accounting."

  • Under the "Accounting" module, you'll find "Chart of Accounts." Click on "Chart of Accounts" to access the chart of accounts creation page.

Step 3: Create a New Chart of Accounts

  • In the Chart of Accounts List, click the "New" button to create a new chart of accounts.

Step 4: Fill in Chart of Accounts Details

  • You'll now be on the chart of accounts creation page. Here's what you need to fill in:

    • Company: Select the company for which you are creating this chart of accounts. It's important to set the chart of accounts separately for each company if you're managing multiple companies in ASAERP.

    • Fiscal Year: Choose the fiscal year for which this chart of accounts is applicable. This determines the period covered by the chart of accounts.

    • Account: Enter the account name or code. This is a unique identifier for the account.

    • Account Name: Provide a clear and descriptive name for the account.

    • Root Type: Select the root type of the account. This categorizes the account into assets, liabilities, income, expenses, or equity.

    • Account Type: Specify the specific account type, such as bank, cash, sales, purchase, etc.

    • Is Group: Check this box if the account is a group account that contains sub-accounts. Group accounts are used to categorize and organize related accounts.

    • Parent Account: If the account is a sub-account (group account), select the parent account to which it belongs.

    • Account Currency: Set the currency in which this account will operate if it's different from the company's default currency.

  • After filling in the required details, click the "Save" button.

Step 5: Additional Chart of Accounts Settings (Optional)

  • You can further customize the account by adding additional information, such as tax category, account manager, and more. Click on the "More" button at the top right corner of the chart of accounts creation page to access these settings.

Step 6: Save the Chart of Accounts

  • After configuring any additional settings, click the "Save" button again to save the chart of accounts with all the details.

Step 7: Chart of Accounts Created

  • Congratulations! You've successfully created a Chart of Accounts in ASAERP. You can now use this chart of accounts to record financial transactions, including journal entries, sales, and expenses.

Please note that the specific fields and options may vary depending on your ASAERP configuration and version. Consult your ASAERP documentation or administrators for any variations or additional settings you might need.