Account Codes

Default Chart of Accounts and Account Codes

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 typically incremented by 5. For example, if the largest Account Code for Expenses is 6165, then the Account Code for the new Expense will be 6170.

System Accounts

Certain accounts are also automatically designated as System Accounts, which are special accounts that cannot be disabled or modified in any way. The System Accounts are:

• Accounts Receivable: 1400
• Accounts Payable: 2000
• VAT Control: 2100
• Retained Earnings: 3005