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Page 10 of attached accounting summary document gives useful basic distinction between cash and accrual accounting.

 

Image Added

 

2         The COA

Continue having the same design with four main headers

  • Assets
  • Liabilities
  • Income
  • Expenditure
  • Equity

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Allow adding new accounts of any one of these types from the UI

New accounts can be either "header" or "detail" accounts to make things simpler for a user

Given general formula seems to be Assets = Liabilities + Equity, seems like 'Equity' in a required 'account header' also. - see Page 11, 22, of attached accounting summary document. 

 

 

I would be interested in hearing what COA nirantara and GK accountants use (or any other MFI in community). On document pages 23, 24 is content about the 'classification of transactions' through chart of accounts and a sample chart of accounts for MFIs. How does nirantara and gk COA differ and why would be good to know.

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