Account Codes

DEFAULT CHART OF ACCOUNTS

A default Chart of Accounts is provided for all new Organisations, and the following numbering scheme is used for Account Codes.

• Assets
  • Fixed Assets: 1000
  • Current Assets: 1400
  • Bank Accounts: 1800
• Liabilities
  • Current Liabilities: 2000
  • Long Term Liabilities: 2500
• Equity
  • Equity: 3000
• Income
  • Revenue: 4000
  • Other Income: 4100
• Expenses
  • Cost of Sales: 5000
  • Operating Expenses: 6000

NEW ACCOUNT CODES

The Account Code for new Accounts is not provided. We do, however, recommend that you follow the above numbering scheme (incrementing the code where applicable). For example, if the largest Account Code for Expenses is 6165, then the Account Code for the new Expense should be 6170.

SYSTEM ACCOUNTS

Certain accounts are also automatically designated as System Accounts, which are special accounts where the name cannot be changed. The System Accounts are:

• Accounts Receivable (default code: 1400)
• Accounts Payable (default code: 2000)
• VAT Control (default code: 2100)
• Retained Earnings (default code: 3005)
• Sales (default code: 4000)