Chart of Accounts
If your business finances were a library, the Chart of Accounts (COA) would be the Dewey Decimal System. It is the complete list of every “bucket” where your money can be categorized—from the cash in your register to the electricity bill you just paid.
Sevenledger comes with a standard set of accounts ready to go, but as your business grows, you can customize this list to track your finances with surgical precision.
Viewing Your Accounts
To access your financial skeleton, navigate to Accounting > Chart of Accounts.
Here, you will see a comprehensive list of all ledgers, organized by Type (e.g., Accounts Payable, Accounts Receivable).
- Search: Use the search bar at the top to quickly find specific ledgers by name or type.
- Status Tabs: Toggle between Active and Inactive accounts to keep your view clean without deleting historical data.
- System Accounts: You might notice a Lock Icon 🔒 next to some names (like specific Vendor or Customer ledgers). These are system-generated accounts that cannot be deleted to ensure your data integrity remains intact.
Adding a New Account
Need to track a specific revenue stream or a unique expense? You can add a new ledger at any time. Click the + Add Chart of Accounts button in the top right corner.
Define the Category
- Account Type: This is the most critical step. You must categorize the account correctly (e.g., Income, Expense, Asset, or Liability). This determines which financial report the account appears on.
Structure the Account
- Parent Account: Sevenledger supports a hierarchical structure. If you want this to be a sub-account (e.g., creating “Marketing” under “Expenses”), select the parent here.
- Account Name: Give it a clear, recognizable name.
- Account Code: Enter a unique numeric or alphanumeric code. This allows for faster data entry and sorting in reports.
Add Context
- Description: (Optional) Add notes about what this account is used for, which is helpful for your accountant during audit season.
Save
Click Save to add this bucket to your financial system.
Sevenledger Tip: Don’t overcomplicate it! While it’s tempting to create an account for everything (e.g., “Pens,” “Paper,” “Staples”), it’s often better to group them into broader categories like “Office Supplies.” This keeps your Profit & Loss statement readable and actionable.