What are Charts of Accounts
The Chart of Accounts lists a set of default accounts that can be used in your business, grouped into categories like Income, Expenses, Equity, Liabilities, and Assets. Each account helps track financial transactions accurately. If you need accounts apart from the default list of accounts, you can create them. If you’re unsure how to customize accounts for your business, consult your accountant.
Default Account Types in Chart of Accounts
| Account Category | Default Account Types |
|---|---|
| Assets | Other Asset, Other Current Assets, Cash, Bank, Fixed Asset, Stock, Payment Clearing, Accounts Receivable and Deferred Tax Asset |
| Liability | Other Current Liability, Credit Card, Long Term Liability, Other Liability, Overseas Tax Payable, Accounts Payable and Deferred Tax Liability |
| Equity | Equity |
| Income | Income and Other Income |
| Expense | Expense |
Create a New Account
To track transaction amounts under a specific account, you can manually create a new account instead of using the default ones. Here’s how:
Log in to your Zoho Books organization Go to Accountant on the left sidebar, and select Chart of Accounts.
Here are the steps for creating a Charts Of Account:
Step 1: Click + New Account in the top right corner.
Step 2: In the Create Account form will be open, fill in the following fields:
Account Type: Select the account type.
Account Name: Enter a name for the account.
Account Code: Enter a unique code (up to 50 characters) optional.
Description: Add a description if needed.
Step 3: Once everything is filled out, click Save BUTTON to create chart of account.
After following these steps, now you can see the Chart of Account entry is successfully Created.
