Your Chart of Accounts is the backbone of your financial reporting — every peso, dollar, or euro that flows through CifraHQ lands in one of these accounts. CifraHQ ships with a default Chart of Accounts pre-configured for most businesses, so you're not starting from scratch. Review it with your accountant, adjust what needs adjusting, and you're ready to go.
Where to find it
Go to Master Data > Accounting > Chart of Accounts.
Understanding account types
| Type |
Purpose |
Examples |
| Asset |
What your business owns |
Cash, Inventory, Accounts Receivable |
| Liability |
What your business owes |
Accounts Payable, Tax Payable |
| Equity |
The owner's stake in the business |
Retained Earnings, Capital |
| Revenue |
Income from operations |
Sales, Service Revenue |
| Expense |
Costs of operations |
Cost of Goods Sold, Freight Expense |
Pre-assigned accounts
CifraHQ maps certain accounts to specific functions automatically — these are the accounts that receive Journal Entries when you post transactions:
- Accounts Receivable — debited when an invoice is posted; credited when a customer payment is received
- Accounts Payable — credited when a vendor bill is posted; debited when a payment is made to the vendor
- Inventory Asset — increases on goods receipts; decreases when Inventory is delivered to Customers
- Sales Revenue — credited when Invoices are posted, capturing your earned income
- Cost of Goods Sold — debited when Inventory is delivered, matching costs to the revenue they generated
If you change a pre-assigned account mapping, consult your accountant first — it affects how all future transactions are recorded, and correcting misposted history is painful.
How to add an account
- Click New.
- Enter an Account Number (must be unique), a Name, and select the Account Type.
- Save.
Tips
- Account numbers typically follow a convention: 1000–1999 Assets, 2000–2999 Liabilities, 3000–3999 Equity, 4000–4999 Revenue, 5000–5999 Expenses. Follow whichever convention your accountant uses — consistency matters more than the specific numbers.
- Do not delete accounts that have had transactions posted to them — CifraHQ will prevent it, and the history would be lost. Deactivate them instead to remove them from selection lists while keeping the records intact.
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