The Chart of Accounts forms the blueprint of your organization. The overall structure of your Chart of Accounts is based on a system of double entry accounting that has become a standard all over the world to quantify how a company is doing financially.
The Chart of Accounts helps you to answer questions like:
What is your organization worth?
How much debt have you taken?
How much profit are you making (and hence paying tax)?
How much are you selling?
What is your expense break-up
Go to Axanta ERP → Finance → Chart of Accounts.
Below screenshot with details of Chart of Account form.
Type of account. It is very important setting as it ensures that the account is of nature Balance Sheet or P&L. Further based on this setting the Balance Sheet and P&L reports are generated.
By default all accounts are enabled for Journal Entries, however, certain accounts i.e. Sales, COGS, AR, AP etc. should not be allowed for manual entries by accountants as these accounts are setup by system and entries should only be passed from the subledger of these respective accounts.
