Chart of Accounts
Understanding account types and how to organize your chart of accounts.
The chart of accounts is a categorized list of all financial accounts used in your books. It defines how transactions are classified and how financial reports are structured.
Account Types
OfficeAdmin organizes accounts into five main types:
Assets
Resources your business owns or is owed. Examples: bank accounts, accounts receivable, inventory, equipment.
Liabilities
Amounts your business owes. Examples: accounts payable, tax payable, loans, credit cards.
Equity
The owner's stake in the business. Examples: owner's equity, retained earnings, drawings.
Revenue
Income earned from business activities. Examples: sales revenue, service income, interest income.
Expenses
Costs incurred to run the business. Examples: rent, wages, utilities, supplies.
Account Numbering
OfficeAdmin uses a standard numbering convention:
| Range | Type |
|---|---|
| 1000-1999 | Assets |
| 2000-2999 | Liabilities |
| 3000-3999 | Equity |
| 4000-4999 | Revenue |
| 5000-5999 | Cost of Goods Sold |
| 6000-6999 | Operating Expenses |
| 7000-7999 | Other Income |
| 8000-8999 | Other Expenses |
Sub-Accounts
Accounts can be nested under parent accounts for more detailed tracking. For example, under "Bank Accounts" (1000), you might have "Checking" (1010) and "Savings" (1020).
System Accounts
Some accounts are created automatically and used internally by OfficeAdmin (e.g., Accounts Receivable, Accounts Payable, Tax Payable). These cannot be deleted but can be renamed.
See Chart of Accounts module for instructions on managing accounts in OfficeAdmin.