The chart of accounts is the official set of accounts that makes up the general ledger. The chart of accounts is made up of two components: headings and accounts.
The first step of setting up your Chart of Accounts is mapping it out on paper. We've included several worksheets and examples to help you do this.
After mapping out your Chart of Accounts, you can create headings and subheadings. Headings make up the outline of the chart of accounts and define the accounts that are placed under them. ACS provides nine major headings (you can create more if you want). Under these headings, you can create up to four additional levels of subheadings. You cannot delete major headings, and you cannot move accounts across different account types if transactions are associated with them.
Once you create headings and subheadings, you can start adding accounts. Accounts are the actual codes to which you can post transactions.
If you have multiple Financial datasets, your chart of accounts is only associated with the dataset where you created it, and you must contact support if you want to copy it to another dataset.