Chart of Accounts
The Chart of Accounts in Zoho Books consists of a wide range of accounts that are generally used with any type of business. The accounts are classified into different types such as Income, Expense, Equity, Liability & Assets. If you are not sure about customizing accounts for your business or on different business scenarios, please take the help of your accountant or bookkeeper.
- Other Income
- Cost of Goods Sold
- Other Expense
- Other Current Liability
- Credit Card
- Long Term Liability
- Other Liability
- Other Asset
- Other Current Asset
- Fixed Asset
You can add additional accounts other than the ones mentioned above. These accounts will be reflected in the chart of accounts.
Creating a New Account
To create a new account in the chart of accounts:
- Go to the Accountant module on the left sidebar.
- Select Chart of Accounts.
- Click the + New Account in the top right corner of the page.
- Fill in the Create Account page.
- Click Save.
|Account Name||Enter the name of the account you would like to create for your organization.|
|Account Type||Select the type of account under which you would like to classify your new account.|
|Description||Enter a description about the account for handling any future references.|
Check the box Add to the watchlist on my dashboard to have the account and its related transactions in your dashboard for quick reference. All the new accounts that are created here will be reflected in the respective modules.
There are five account types in the Chart of Accounts namely Assets, Liability, Equity, Income and Expense. Each of these has accounts of its own. For example, some accounts in Assets include Cash, Bank, Fixed Asset, Stock and Payment Clearing. You can create further sub accounts under these accounts. Learn more about sub accounts in Zoho Books