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Chart of Accounts ​

A Chart of Accounts (COA) in Upscale ERP is a structured listing of all the accounts used by an organization to record and report financial transactions. It serves as the backbone of the organization's financial record-keeping system, providing a framework for organizing financial data.

The accounts are typically classified into five main categories: Assets, Liabilities, Equity, income, expense

Assets

  • other assets
  • Other Current Assets
  • Cash
  • Accounts Receivable(AR)
  • Bank
  • Payment clearing
  • Fixed Assets
  • Stock

Liability

  • Accounts Payable(AP)
  • Other Current Liabilities
  • Credit Card
  • Long Term Liabilities
  • Other Liabilities

Equity

  • Equity

Income

  • Income
  • Other Income

Expense

  • Expense
  • Cost of Goods Sold
  • Other Expenses

Creating a new Chart of Accounts ​

To create a new account,

Create chart of accounts

  1. Navigate to Accounting module on the sidebar, and click on 'Chart of Accounts' section.

  2. Click on 'New Account' button on the account list page.

  3. Fill in the required details in the add account modal

  4. To save the account as sub-account, check 'Make this a sub-account' checkbox and then select a parent account.

  5. Once done click on the 'create' button.

Edit an account ​

To edit an account detail,

Edit chart of accounts

NOTE

System accounts cannot be edited

  1. Click on 'Edit' next to account type

  2. Edit in the account details

  3. Once done click on 'Update'