Chart of Accounts

See how your finances are organised with Officaid's pre-configured Chart of Accounts.

Your accounts, already organised

The Chart of Accounts is a complete list of all the accounts used to categorise your financial transactions. Think of it as the filing system for your business finances, where every dollar is sorted into the right category.

With Officaid, you don't need to create accounts, assign codes, or understand complex accounting structures. Your Chart of Accounts is pre-configured and ready to use from day one. Just record your transactions and Officaid handles the rest.

Unlike other accounting software that requires you to build your Chart of Accounts from scratch, Officaid sets everything up for you. Focus on your business. We handle the rest.

Why the Chart of Accounts Matters

Every financial transaction in your business needs a home. When you record an expense, it goes into an expense account. When you receive payment, it goes into a bank account. The Chart of Accounts defines all these categories and how they connect to your financial reports.

Business owners use this report to:

See how finances are organised by viewing all accounts in one place
Check account balances at a glance without running multiple reports
Understand where money flows by seeing the structure behind your financial data
Share with accountants who may need to see your account structure

Accessing the Report

To view your Chart of Accounts, navigate to Finance → Reports and select Chart of Accounts.

At the top of the report, you can select your date:

Today shows current account balances
Last Month shows balances as of the end of last month
Last Year shows balances as of the end of last year
Custom lets you select any specific date

Use the Download button in the top right corner to export the report for your records or to share with your accountant.

Understanding the Report Structure

The Chart of Accounts displays all accounts organised into categories and subcategories:

Account Code is the numerical code assigned to each account. Officaid assigns these automatically.
Account Name is the name of the account. Click it to view all transactions in that account.
Account Type describes what kind of account it is (Bank, Receivable, Payable, Loan, Fixed Asset, Equity, etc.).
Balance shows the current balance in that account as of the selected date.

Click on any account name to drill down and see every transaction that makes up that balance.

How Accounts Are Organised

Officaid organises your accounts into three main categories, following standard accounting principles:

Assets are things your business owns or is owed:

Current Assets include bank accounts, cash, and accounts receivable (money customers owe you). These are assets you can access quickly.
Fixed Assets include equipment, vehicles, and property. These are long-term assets used to run your business.

Liabilities are things your business owes to others:

Current Liabilities include accounts payable (bills you owe vendors), sales tax payable, and other short-term obligations due within a year.
Long-term Liabilities include loans and other debts that extend beyond one year.

Equity represents the owner's stake in the business:

Retained Earnings is the accumulated profit (or loss) that has been kept in the business rather than distributed to owners.

The Chart of Accounts also includes Income and Expense accounts, which appear on your Profit & Loss Statement. The accounts shown here are the Balance Sheet accounts.

The Accounting Equation

At the bottom of the report, you'll notice that Total Assets equals Total Liabilities & Equity. This is the fundamental accounting equation:

Assets = Liabilities + Equity

This equation must always balance. If your business owns $100,000 in assets, that value is funded either by what you owe others (liabilities) or what belongs to the owners (equity).

Adding New Accounts

Officaid's pre-configured Chart of Accounts covers the accounts most businesses need. However, if you need to track something specific, you can easily add custom accounts:

Custom expense categories can be added when recording an expense. Just type a new category name and Officaid creates the account for you.
Other income types can be added when recording other income. The account is created automatically.

You don't need to worry about account codes or where the account belongs in the hierarchy. Officaid handles the technical details so you can focus on recording your transactions accurately.

Frequently Asked Questions

Do I need to set up my Chart of Accounts?

No. Officaid comes with a pre-configured Chart of Accounts that covers the accounts most businesses need. You can start recording transactions immediately without any setup. If you need a custom expense or income category, simply create it when recording a transaction.

What do the account codes mean?

Account codes are numerical identifiers that help organise accounts in a logical order. Officaid assigns these automatically. You don't need to memorise or manage them. They're primarily useful for accountants who may be familiar with standard numbering conventions.

How is this different from the Trial Balance?

Both reports show account balances, but they're organised differently. The Chart of Accounts groups accounts by category (Assets, Liabilities, Equity) with subtotals, making it easier to see your financial structure. The Trial Balance lists all accounts with their debit or credit balances to verify that your books are balanced.

What's Next?

Now that you understand the Chart of Accounts, explore these related articles:

General Ledger to see all transactions organised by account
Trial Balance to verify your books are balanced
Balance Sheet to see your overall financial position

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