1.1.1. Chart of Accounts

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:
Go to Axanta ERP → Finance → Chart of Accounts.
Below screenshot with details of Chart of Account form.
1.1.1. Chart of Accounts
Account Code
1. Account Code
The code of the account to be used.
Name of the account
2. Name of the account
Name of the chart of account.
Account Type
3. Account Type
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.
Account Group
4. Account Group
Just used for advance reporting purpose. Can be left blank if not required.
Allow Reconciliation
5. Allow Reconciliation
This check ensures that the account can be used for reconciliation. Accounts like Account Receivable and Accounts Payable are by default checked.
Note: don't check this option until you're very sure about the functionality.
6. Deprecated
Check this option once to close an account. You cannot delete an account if it is already having transactions.
Disable Manual Entry
7. Disable Manual Entry
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.


Video demonstration to show how to create a new Chart of Account in Axanta ERP.

In this video we'll learn about creating a new Chart of Account.

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