/
Chart of Accounts - General Ledger Setup

Chart of Accounts - General Ledger Setup

The Chart of Accounts - General Ledger Setup allows you to organize your different accounts within Mifos X. Accounts can be organized into Header and Detail (sub) accounts using the respective account types: Asset, Equity, Expense, Income and Liability.


How to Navigate?

Navigate to Accounting >> Chart of Accounts (as shown in the screenshot below):


Account usage is divided into Header accounts and Detail accounts. You could start creating with Header and then switch to a sub-ledger account afterwards. When setting up your accounts, it is advisable to set them up one at a time. For example create all of your Header accounts for Assets and then set up all Detail accounts for Assets as well. Follow the same sequence for other account types(namely Equity, Expense, Income and Liability accounts).

How to Create GL Account?

  1. On the Chart of Accounts page, click the  button at the top-right of the screen:



  2. Select the Account Type from the drop-down menu.
    Furthermore, fill in the optional information on the right side of the screen if you wish to do so.

  3. Type the GL (General ledger) Code.
    For example: 10000

  4. Select Header from the Account Usage drop-down menu.



  5. Select a Parent from the drop-down menu (if required).

  6. Type the Account name.
    For example: Cash & Bank

  7. To allow Manual Entries, click on the check box next to it to make sure it is checked.

  8. Select a Tag from the drop-down menu.

How to Create Tag?

Navigate to System >> Manage Codes
  1. In the Search Bar on the top of the page, type "tags", and a list of tags associated with assets, equity, expenses, income and liability will be displayed:
       

  2. Click on the required type of tag. In this example, I'll be selecting "Asset account tags" and will create two types of asset tags: "Bonds" and "Jewelry" (as shown in the screenshot below):
        

  3. Once the tags are defined, go back to the GL Account Creation page and select "Account Type" as Assets under the "tags" drop-down menu. This will display the tags associated with Assets: