Chart of Accounts
Chart of Accounts
Your Chart of Accounts is the backbone of your financial reporting. Every invoice, bill, payment, and adjustment CifraHQ posts flows through accounts in this list — and how those accounts are structured determines how clearly you can read your Profit & Loss and Balance Sheet.
Where to find it
Go to Master Data > Accounting > Chart of Accounts (or via Quick Guide > Chart of Accounts during initial Setup).
Chart of Accounts, the tree of GL accounts that classifies every posting.
Account types
| Type | What it represents |
|---|---|
| Asset | Resources your business owns — cash, Inventory, accounts receivable |
| Liability | Amounts your business owes — accounts payable, tax liabilities |
| Equity | Owner's equity and retained earnings |
| Income | Revenue from sales and services |
| Expense | Operating costs and overheads |
How to create an account
- Click + Data Entry > New.
- Enter a Code (numeric, must be unique — e.g.,
1010). - Enter a Name and optional Description.
- Save — the account is added to the chart. Open the detail page to set its Account Type, Category, and Report Group.
Field reference
| Field | Description |
|---|---|
| Code | Numeric account number used in journals, transaction lines, and Reports — your primary reference when selecting accounts |
| Name | The human-readable label that appears on financial statements |
| Account Type | Asset, Liability, Equity, Income, or Expense — determines how the account behaves on your Balance Sheet and P&L |
| Category | Sub-classification within the type (e.g., Current Assets, Operating Expenses) — controls grouping on Financial Reports |
| Report Group | Further grouping for statement presentation |
| Balance | The running GL balance, updated with every posted transaction |
Import / Export
Use + Data Entry > Import to bulk-load accounts from an Excel file when migrating from another system. Use Export to download your full chart for review or backup.
Tips
- Structure your account codes by type: 1000s for Assets, 2000s for Liabilities, 3000s for Equity, 4000s for Income, 5000s for Expenses. This makes filtering and reporting much easier as your chart grows.
- Set Account Categories correctly — they control how accounts group on your Balance Sheet and Income Statement. An account in the wrong category will surface in the wrong section of your Financial Reports.
- Use Product Groups to automatically map product sales and Inventory movements to specific accounts, rather than relying on manual account selection on every transaction.
Related: Account Categories · Account Priming · Posting Periods · Product Groups · Audit Trail · Journal Entries · Financial Reports
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