Overview - Chart 0f Account

• The Chart of Account is used to manage and organize all accounts used in AstraERP. With functionalities such as adding new accounts, editing existing ones, merging duplicates and deleting unnecessary accounts.

Components of Chart of Account

1. Chart of Account: THis is the main tab where you manage the defaults accounts in the system
2. Tax Account: This tab also allows you to manage accounts related to taxes
3. New Account: Click this green button to create a new account. After clicking New Account, enter the account name and select the account type. Save changes when after completing those details.

Account Types

1. Account Paybale: Represents the company's obligations to pay off debts to its creditors
2. Account Receivable: Represents money owed to the company by its customers.
3. Cash: Represents the company's cash on hand
4. Current Liability: Represents the company's short0term financial obligations that are due within one year
5. Cost of Goods Sold( COGS): Represents the cost of goods attributable to the production of the goods sold by the company.
6. Bank: Represents the company's funds held in financial instituins.
7. Petty Cash: Tracks small accounts of cash kept on hand for minor expenses and incidentals
8. Cheque: Tracks cheques issued or received that will are still outstanding (not yet cleared by the bank)
9. Investments Represents funds that have been invested in financial instruments or other assests to generate returns
10. Current Assets: Includes all assets that are expected to be converted into cash or used up within one year.
11. Fixed Assets: Long term tangible assets that are used in the operations of a business and are not expected to be consumed or converted within a year
12. Inventory Assets: Accounts for goods and materials a company holds for the purpose of resale
13. Other Assets: Includes assets that do not fit into the current or fixrf assets categories
14. Income: Represents revenue earned from the compnay's core business activities
15. ExpenseTracks the costs incurred in the process of earning revenue
16. Other Expense Records costs that are not directly related to the main operations of the Expense.
17. Captial Represents the owners's investments in the business.
18. Long-term Liability: Obligations that the company expects to pay off beyond one year
19. Contingent: Potential obligations that may arise based on the outcome of a future events. eg lawsuit liabilities, product warranties
20. Equity Represents the residual interest in the assets of the business after deducting liablities. It includes retained earnnings and contributed capital