Chart of accounts: groups and ledgers

See all account groups and ledgers, create new groups and ledgers, set SAC and GST supply nature on income ledgers, and view a ledger's entries.

The chart of accounts is the list of every account (ledger) in your books, arranged in groups. Each group has a nature: ASSET, LIABILITY, INCOME, EXPENSE or EQUITY.

Before you start

• A new business gets a standard Indian GST chart of accounts. If the page says No Chart of Accounts Found, click Bootstrap Default COA once to create it.
• Ledgers marked System come with the app (for example Cash, GST, stock and party groups). The app uses them to post invoices, so they cannot be edited.

Steps

1. Open Masters > Chart of Accounts.
2. Read the coloured chips at the top. They show how many ledgers and groups each nature has.
3. Type in the search box (Search groups, ledgers, keys...) to find a group or ledger.
4. Click a group's header to fold it or open it.
5. Click any ledger row to see its details and entries.

Create a group

1. Click + Group.
2. Type the Group Name. The Key fills in by itself; you can leave it.
3. To place the group inside another group, choose it in Parent group (optional). The new group takes the parent's nature. Leave it at (top-level — no parent) for a main group.
4. Check the Nature.
5. Click Create Group.

Create a ledger

1. Click + Ledger.
2. Type the Ledger Name.
3. Choose the Nature. Only groups of that nature appear in the next list.
4. Choose the Group.
5. Click Advanced — GST classification if it is closed, and fill the GST fields if needed (see the table below).
6. Click Create Ledger.

To add a customer or supplier, use + Customer or + Supplier instead. They open the full customer or supplier form, and the party's ledger is created with it. See Customers and Suppliers.

Set up an income ledger for services

Use this when you bill a service through an income ledger (for example "Freight Charges" or "Consultancy Income").

1. Create or edit a ledger with Nature INCOME.
2. Type the service's SAC Code. SAC codes start with 99.
3. Choose the Default GST rate.
4. Choose the GST supply nature.
5. If you chose Exempt, Nil-rated or Non-GST, type the Exemption notification (for Bill of Supply).
6. Save the ledger.

The SAC then fills in on charge lines and in the HSN/SAC summary. See Service invoice.

Edit a ledger

1. Click the pencil icon (Edit ledger) on the ledger's row. System ledgers have no pencil icon.
2. Change the name, group or GST details. The Nature cannot be changed.
3. Click Save.

View a ledger

1. Click the ledger's row, or the View Ledger icon.
2. The window shows the ledger's Key, Group, Nature, GST Ledger Type, and whether it is a system ledger and active.
3. Below it, Transactions lists each entry with date, type, voucher number, debit, credit and running balance.

For a full ledger with dates and export, use the Ledger report.

Accounting Overview page

Open Accounting > Overview for a one-page summary:

• Quick links to Chart of Accounts, Journal / Rcpt / Pay, Voucher Register and Opening Balances.
• Total Debit, Total Credit and Difference cards. Books are balanced means debits equal credits; Out of balance! means they do not.
• A short Trial Balance and a list of all ledgers by nature. Click a ledger to see its entries.

Fields

Common problems

• Ledger name is required / Group name is required — type a name before saving.
• Select group — choose a Group for the ledger. If the list says No groups, change the Nature or create a group of that nature first.
• Bad Request when creating — a group or ledger with the same name (key) already exists. Search for it, or use a different name.

Related

• Opening balances
• Vouchers
• Ledger report
• Trial balance
• Product groups

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