Chart Of Accounts

In ContactsLaw, the general chart of accounts is the master list of accounts and their current balances. It also provides a quick overview of the account properties, such as:

• Account type
• Whether controlled
• GST policy

Filters allow the display to be limited to certain types of accounts, whether sub-accounts are shown and also allows inactive (disabled) accounts to be restored to the view.

Colour-coding is used to mark controlled accounts and bold typeface is used to mark accounts that have sub-accounts. All account balances use sign-correction (credit balances on liability, income and equity accounts show as positive numbers).

The chart of accounts also provides a platform for:

• Creating new accounts
• Editing the properties of existing accounts
• Posting balancing transactions (opening balance journal, end of financial year journal, partitioning journal)
• Generating a general transaction listing
• Managing general account budgets