How to Create a Chart of Accounts
Next in the accounting menu is the charts of accounts. How to create a chart of account:
Step 1. Click on Configuration menu, then Charts of Account as shown below.
Step 2.In the chart of accounts, click on “Group by” then select Account type.
Step 3. Click on the last chart of account of type equity.
Step 4. Create an account of type equity to hold the opening balances. This will be used for both customer and supplier balances.
NB: you can create a chart of accounts by clicking on the create button in the charts of account, however we recommend the following method due to it’s convince in terms of formulating the codes for each type of chart of account automatically.
Do the following:
Step 1. In the new page that opens up, click on the Action tab and select Duplicate as shown below.
In the new page that opens up, the code will be automatically be generated.
Step 2. Type the name of the chart of Account as Opening balance and select the type as equity.
Step 4. When done with this, click on save button as shown below.