What is the Chart of Accounts?¶

The Chart of Accounts is the list of all the accounts your bookkeeping is organised into. You'll find it on the Chart of Accounts tab in Business. myaccountant sets up a standard set of Australian accounts for you automatically.

Accounts are grouped into five sections, which you can expand or collapse:

• Assets — what you own (for example Cash at Bank, Petty Cash, Accounts Receivable)
• Liabilities — what you owe (for example Accounts Payable, GST Collected, Credit Card)
• Equity — owner's funds (for example Owner's Equity, Owner's Drawings)
• Revenue — your income categories (for example Consulting, Product Sales)
• Expenses — your expense categories (for example Rent, Travel, Office Supplies)

Adding an account¶

Step 1. On the Chart of Accounts tab, click Add Account.

Step 2. Choose the Account Type (Assets, Liabilities, Equity, Revenue or Expenses), enter an Account Name, and optionally a Description.

Step 3. Click Save. myaccountant assigns the account code for you.

Editing and removing accounts¶

Click the pencil icon on any account to rename it or change its description. Standard built-in accounts show a lock icon — you can edit their name but not delete them. To remove an account you added, click the trash icon. An account that already has transactions against it can't be deleted.

When you record income, an expense or a payment, you choose which of these accounts it belongs to.

Related guides¶

• How do I record income?
• How do I add an expense?
• How do I add a payment?