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Chart of Accounts

The Chart of Accounts displays a complete list of all accounts for a company or organization, defining each class of items for which money or its equivalent is spent or received.

To view the chart of accounts, you must first create all relevant accounts required for your business's financial transactions.

How to Create an Account in the Application?​

In PrismERP, Financial Accounting is a key component, handling all financial transactions and business-related operations. To maintain all business accounts, you must first create the necessary account types for your company or organization.

Creating a New Account​

To create a new account:

Navigate to Settings Accounting New Account

create new account

After selecting "New Account," the following fields must be filled:

  1. Account Name: Name of the account.
  2. Account Type: Type of account (Asset, Liability, Equity, Expense, Income, etc.).
  3. Sub Account: If applicable, specify the parent account.
  4. Account Code: Assign a unique account code based on international standards or custom formatting.
  5. Opening Date: The date when the account is created.
  6. Opening Balance: Initial balance (if any) for the new account.
  7. Branch: Specify the branch under which the account is created (only applicable for sub-accounts).

Creating a New Cash Account​

To create a new cash account:

Navigate to Settings Accounting New Cash Account`

create new cash account

Fields to be completed:

  1. Account Name: Name of the cash account.
  2. Account Type: Default type is "Cash" in the application.
  3. Sub Account: Specify the parent cash account, if applicable.
  4. Account Code: Assign a unique cash account code.
  5. Opening Date: The date when the cash account is created.
  6. Opening Balance: Initial balance (if any) for the cash account.
  7. Branch: Specify the branch under which the cash account is created (only applicable for sub-accounts).

Creating a Bank Account​

To create a bank account:

Navigate to Settings Accounting New Bank Account` create bank account

Fields to be completed:

  1. Account Name: Name of the new bank account.
  2. Account Type: Default type is "Bank".
  3. Sub Account: Specify the parent bank account, if applicable.
  4. Account Code: Assign a unique bank account code.
  5. Opening Date: The date when the bank account is created.
  6. Opening Balance: Initial balance (if any) for the bank account.
  7. Branch: Specify the branch under which the bank account is created (only applicable for sub-accounts).
  8. Bank Information: Additional details about the bank.
    • Bank Name: Name of the bank.
    • Prefix: Prefix number (if applicable).
    • Account Number: The account number assigned by the bank.
    • Description: Any additional information related to the account.

Viewing the Chart of Accounts​

Once all necessary accounts have been created, the Chart of Accounts will display the full list of accounts categorized under Assets, Liabilities, Equity, and Expenses, along with their respective accounting codes.

To view the chart of accounts:

Navigate to Settings Accounting Chart of Accounts

viww chart of account

This list will provide a structured overview of all accounts within the system, ensuring efficient financial management.

How to change the Account Type​

"Changing the account type" refers to change of type of an account whether it is under asset, liabiity, expense etc. (Note that you cannot change the type of a specific account if already transaction has been completed or generated.)

Step-1: Go to Account Ledger Book & Select the account

Step-2: Click on the Edit Button

Step-3: Change the Account type & Click on Save Button

Step-4: Go to Settings – Configuration – PF & Gratuity

Step-5: Select Forfeited Opening Fund Account for 3 Expenses