Chart of Accounts
Your Chart of Accounts is the master list of every account your books record money against — cash, bank, sales, expenses, taxes, and so on. Whenever you raise an invoice, enter a bill, record a payment, or post a journal, Bizconnekt files each amount into one of these accounts. That is what makes your reports add up.
Availability depends on your plan and your role.
What is the Chart of Accounts?
It is the organised list of "buckets" your business's money is sorted into. Each account has:
- A name you recognise (for example, Bank Account or Sales Revenue).
- A code — a short reference that keeps accounts uniquely identified.
- A type — what kind of account it is (asset, liability, income, expense, and so on).
- A parent — the larger group it sits under, so accounts read as a tidy tree rather than a long flat list.
Accounts are arranged in groups and sub-groups. For example, Bank Account and Cash on Hand both sit under a broader "Cash & Cash Equivalents" group. This grouping is what lets your Profit & Loss and Balance Sheet summarise cleanly.
Do I have to build this from scratch?
No. Most businesses start from the ready-made Chart of Accounts that Bizconnekt provides. It already covers the accounts a typical business needs — sales, purchases, common expenses, taxes, bank and cash — so you can begin trading immediately and only add the extra accounts your business specifically needs.
If you also use Tally, your Chart of Accounts keeps in step with it: Bizconnekt can run your complete books on its own, and it syncs your accounts and ledgers two-way with Tally when you want to keep both in step. You choose how you work.
Who manages this?
An administrator reviews the ready-made list during setup and adds any industry-specific accounts. Day to day, it rarely needs changing — you add an account only when a genuinely new kind of income or cost appears.
How to open the Chart of Accounts
- Open Bizconnekt Admin from the main menu.
- Go to Settings.
- Select Accounting.
- Choose Chart of Accounts.
- Open the full list to view every account.
What do the columns mean?
| Column | What it tells you |
|---|---|
| Account name | The account's recognisable name |
| Account code | Its short, unique reference |
| Account type | Whether it is an asset, liability, income, expense, and so on |
| Parent account | The group this account sits under |
| Description | A short note on what the account is for |
| Account number | A bank account number, where relevant |
How do I add an account?
- Open the Chart of Accounts list.
- Choose Add (the plus option below the list).
- Fill in the details:
- Account name — what you want to call it.
- Account code — a unique reference that follows your existing pattern.
- Parent account — the group it belongs under, chosen from the list.
- Description — a short note on its purpose (optional).
- Account number — only if it is a bank account.
- Save. The new account appears in the list and is ready to use on documents.
Add accounts sparingly. A short, well-organised list keeps your reports easy to read; too many accounts makes them harder to follow.
How do I edit an account?
- Find the account in the list.
- Choose the edit option beside it.
- Update its description or account number.
- Save.
For accounts already in use, the name, code, and parent stay fixed once saved. This protects the integrity of everything already recorded against them — so your history stays reliable. You will see a confirmation prompt reminding you of this before you continue.
What does this change downstream?
The Chart of Accounts is the foundation the rest of your finances rest on:
- Every manual journal posts to the accounts listed here.
- Sales and purchase documents — including invoices — record their amounts against these accounts automatically.
- Your Profit & Loss, Balance Sheet, and other reports are built by grouping these accounts.
Get the list right at the start and the rest of your accounting follows on quietly.
Related guides
Need help? Contact support at support@bizconnekt.com