Chart of Accounts

Chart of accounts shows the complete list of all accounts for a company or an organization to define each class of items for which money or the equivalent is spent or received.

In order to see all the accounts list in a chart of account first you need to create all the accounts that are required and relevant to your business for financial transactions.

 

1) How to create an account in the application?

In PrismERP system, Financial accounting is one of the major solution of the overall application as it relates to all the financial transaction and business related operations. In order to maintain all the business accounts first you need to create the types of account required for your company or organization.

a) Creating a new account:

For creating a new account go to: Settings--> Accounting--> New Account

The above window will appear after selecting the new account:

1) Account Name: Name of the account

2) Account Type: Type of account whether it is asset, liability equity, expense, income etc.

3) Sub Account: If you want to provide this account as a sub account of any other account

4) Account Code: Following the International Standard of account providing the code or if you want to customize a code in your own style for identifying the account with a code

5) Opening Date: Date of Opening the Account

6) Opening Balance: Opening Balance if you want to provide any for the new account

7) Branch: Under which branch account is created (Note that it is only possible when you are creating the account which will be a sub account of another account)

 

b) Create New Cash Accounts:

Creating all the accounts related to cash for your company. For creating a new cash account, go to: Settings--> Accounting--> New Cash Account

1) Account Name: Name of the cash account

2) Account Type: Type of cash (default type of account for cash account is cash in the application)

3) Sub Account: If you want to provide this cash account as a sub account of any other cash account ( Note that in the above screenshot this new account is going to add as a subaccount of head office cash)

4) Account Code: Following the International Standard of account providing the code or if you want to customize a code in your own style for identifying the cash account with a code

5) Opening Date: Date of Opening the Cash Account

6) Opening Balance: Opening Balance if you want to provide for the new cash account

7) Branch: Under which branch cash account is created (Note that it is only possible when you are creating the cash account will fall as a sub-account of other cash account)

 

c) Create Bank Account:

From the application you can also maintain and create bank accounts. For creating a bank account go to: Settings--> Accounting--> New Bank Account

1) Account Name: Name of the New Bank account

2) Account Type: Type of account (Type is Bank )

3) Sub Account: If you want to provide this account as a sub account of any other existing Bank account

4) Account Code: Following the International Standard of account providing the code or if you want to customize a code in your own style for identifying the account with a code

5) Opening Date: Date of Opening the Bank Account

6) Opening Balance: Opening Balance if you want to provide any for the new Bank account

7) Branch: Under which branch account is created (Note that it is only possible when you are creating the account which will be a sub account of another account)

8) Bank Information: Defines the information on which bank you have created the account (Note this is just for information storage)

Bank Name: Name of the Bank where you are creating the new account

Prefix: Prefix number if any

Account Number: Account number provided from the bank

Description field: if any or you want to provide any additional information

 

Finally after creating all the accounts that are required, if you want to see the list of all accounts which is known as chart of accounts, the following window will appear.

To see the chart of accounts, go to Settings--> Accounting--> Chart of Accounts

As you can see the list will show all the accounts under different category that is asset, liabilities , equity, expense. All the list of acccounts are showing with their accounting code.