Glossary
Chart of accounts
The chart of accounts is a numbered list of the account names used to sort every transaction: assets, liabilities, income and expenses.
What it means for a shop owner
The clearer it is, the more useful the reports: electricity in its own account beats lumping it with all other costs. You need not design it from scratch, since the software comes with a ready one for your kind of shop and you add what you want.
A worked example
Number 1000 for cash, 4000 for sales and 6100 for rent. Every entry is posted to these numbers.
Related
Try it in your shop, free, no card.
The free plan: the whole shop for one branch, an offline cashier with stock, debts and accounting, with a daily limit on invoices, expenses and purchase orders. What it includes