To access the chart of accounts, go to Accounting > See Also > Chart of Accounts.

According to the international financial reporting standards, the chart of accounts is the basis for accounting and analysis of the company financial activities.

FirstBIT ERP includes a predefined chart of accounts which you can use it as it is. However, you can change it to fit the company's needs.

Note. It is recommended that make any required changes to COA before you actually start using the system.

The chart of accounts includes all the GL accounts available in the system. If you don't see a specific account, use the Search field to locate the account by a string in its description. You can change the list display settings to suit your particular needs. To learn more about the list display settings, see Working with the item list.

Generally, the accounts on the chart of accounts are listed by type as follows:

• Balance Sheet Accounts: Assets, Liability, Equity
• Income Statement Accounts: Income and Expense

Further, the accounts are grouped in sections by business function (such as production, product lines, sales, administrative, and so forth).

If the Quantitative check box is selected for the account, the data recorded for the account include quantities along with amounts. For example, quantitative accounting is used for inventory.

If a check box in the Currency column is selected for the account, the amounts are recorded to the account not only in the accounting currency, but also in the transaction currency.

In FirstBIT ERP, specific GL accounts have dimensions to ensure that the amounts are recorded with the possible level of details. For example, the Current Trade Payables account has the following dimensions: Company, Contract. The balance of the account is presented as the structure of records: Company/Contract/ Amount. For example, for inventory accounts — warehouses and items. Warehouse as dimension is available only if the Use Multiple Warehouses option is selected on the Administration > Warehouses and Purchasing form.

The toolbar buttons

To add a new GL account to the chart of accounts, click the Create button on the toolbar. For details, refer to Adding a GL Account.

To edit an existing GL account double-click the line with the account in COA. You can also select the line, right-click it, and select Edit or click More actions > Edit on the toolbar.

Use the Fill in button to :

• By Default
• By Chart of Accounts

To view any transactions recorded to the selected GL account, click the General Ledger button – this opens the General Ledger with all the posted transactions.
If you need to perform other operations, refer to List Toolbar.