{"id":4676,"date":"2025-04-07T13:43:40","date_gmt":"2025-04-07T06:43:40","guid":{"rendered":"https:\/\/aisupport.skybizglobal.com\/skybizclouderp\/?p=4676"},"modified":"2025-04-07T13:47:54","modified_gmt":"2025-04-07T06:47:54","slug":"chart-of-account","status":"publish","type":"post","link":"https:\/\/aisupport.skybizglobal.com\/skybizclouderp\/chart-of-account\/","title":{"rendered":"Chart of Account"},"content":{"rendered":"

A chart of accounts (COA) is a list of all the accounts you must use to record financial transactions in your general ledger<\/b>. <\/strong><\/span>
\nIt helps you keep track of where money comes from and goes. <\/strong><\/span>
\nA chart of accounts is integral to your bookkeeping, accounting, and financial reporting.<\/strong><\/span><\/h4>\n

 <\/p>\n

Step 1 :<\/strong> Click on side menu >> Financial<\/strong> >> Chart of Account<\/strong><\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 2 : <\/strong>Those accounts with “flower” icons are the main or parent account and this account cannot be changed.\u00a0<\/strong><\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 3 : <\/strong>There are 2 different categories
\n“B”\u00a0 stands for Balance Sheet<\/strong> and \u00a0“I” stands for Income Statement\u00a0<\/strong><\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 4 : “B10”<\/strong> >> Share Capital : It refers to the amount of money the owners of a company have invested in the business as represented by common.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “B15”<\/strong> >> Retain Profit : The amount of profit a company has left over after paying all its direct costs, indirect costs, income taxes and its dividends to shareholders.<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 5 : “B30”<\/strong> >> Deferred and Long Term Liabilities : It refers to previously incurred liabilities that are not due within the current accounting period.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “B35”<\/strong> >> Property, Plants and Equipment : It’s anything that a business has legal title over. Basically there are 2 types of assets of this account, cost and accumulated depreciation.<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 6 : “B3<\/strong>6″<\/strong> >> Investment Properties : It a property that a company holds to earn rental income and\/or capital depreciation.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “B47”<\/strong> >> Current Assets : It’s a short term asset that a company expects to use up convert into cash or sell within one or more operating cycles.<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 7 : “B60<\/strong>“<\/strong> >> Bank : You can add one or more your bank accounts under this account.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “B62”<\/strong> >> Cash : It’s the amount of money a company currently has available. This money to kept on hand to offset any unplanned cash outflows.<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 8 : “B55<\/strong>“<\/strong> >> Trade and Other Receivable : It’s trade for debtors, the funds that customers owe your company for products or services that have been invoiced.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “B70”<\/strong> >> Trade and Other Payable : It’s trade for creditors represents the amount that a company owes to it’s creditors and suppliers.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “B72”<\/strong> >> Current Liabilities : The debts a company owes must be paid within one year.
\n\"\"<\/a><\/p>\n

 <\/p>\n

Step 9 : “I10<\/strong>“<\/strong> >> Income : The total amount of money a company earns from selling a product or service.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “I15”<\/strong> >> Cost of Sales : It indicates how much a retail or wholesale business spends on the products it purchases from suppliers for re-sale.<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 10 : “I20<\/strong>“<\/strong> >> Other Income : The total amount of money a company earns apart from selling a product or service.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “I22”<\/strong> >> Administrative Expenses : It’s all costs that relate to regular business operations. You can insert all business costs on this account.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “I23, I25, I27 and I28”<\/strong> >> Basically the same as administrative expenses.<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Step 11 : “I30<\/strong>“<\/strong> >> Taxation : It’s for tax purposes.
\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 “I35”<\/strong> >> Dividends : It’s a portion of a company’s earnings that it returns to investors usually as a cash payment.<\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

Powered By<\/strong>\u00a0:\u00a0SKYBIZ \u00ae<\/strong><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A chart of accounts (COA) is a list of all the accounts you must use to record financial transactions in your general ledger. It helps you keep track of where money comes from and goes. A chart of accounts is integral to your bookkeeping, accounting, and financial reporting.   Step 1 : Click on side ..<\/p>\n

<\/div>\n

Read more<\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[193,168,167,187],"tags":[],"class_list":["post-4676","post","type-post","status-publish","format-standard","hentry","category-02-general-ledger","category-0201-chart-of-account","category-05-financial","category-cloud"],"yoast_head":"\nChart of Account - SKYBIZ Cloud ERP Support<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart of Account - SKYBIZ Cloud ERP Support\" \/>\n<meta property=\"og:description\" content=\"A chart of accounts (COA) is a list of all the accounts you must use to record financial transactions in your general ledger. 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