Here is a clarification about how to add a new account in the chart of accounts, as there are three methods to add a new account within the chart of accounts.
Method One: Through the Chart of Accounts Page
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Enter Accounting
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Select Chart of Accounts
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Click on Add Account
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Select the Parent Account, such as: 1102 Cash at Bank
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Select Account Type, such as: Bank Account
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Enter the account name in Arabic and English
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Enter the Account Code (mandatory field that cannot be left empty).
The system suggests an automatic code compatible with the parent account structure, and you can modify it or accept it as is, provided that it is a unique number not repeated within the chart of accounts. -
(Optional) Add a description for the account
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Enable the Payment and Collection option if the account is used for payment to customers or suppliers
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Click Save
Method Two: Quick Add (Sub Account)
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Click on the ( + ) icon next to the main account
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Fill in the data
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Click Continue
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The account automatically falls under the parent account
Method Three: Import Accounts from Excel File
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Download the accounts import template by clicking on “Import Accounts” from the top options
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Fill in the data in the template
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Import the file into the system
Explanatory Video
https://www.youtube.com/watch?v=ceo–53vz_Y
This video contains:
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How to create a new account
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A quick method to add a sub-account
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Import your chart of accounts data and upload it to Qoyod software
How to Code the Chart of Accounts (Coding System)
The Code field is a mandatory field when adding any new account; it cannot be left empty and an alert “This field is required” will appear if you try to save without it. The system suggests an automatic code and you can modify it or use it as is, provided that it is unique and not previously used.
The coding system follows a numeric hierarchical structure according to the account level. Here is an example that can be modified:
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Level One (Five Main Accounts): One digit, such as: 1 Assets, 2 Liabilities, 3 Equity, 4 Revenue, 5 Expenses
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Level Two (Sub Accounts): Two digits, such as: 11 Current Assets, 12 Non-Current Assets
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Level Three: Four digits, such as: 1101 Cash and Cash Equivalents, 1102 Cash at Bank
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Level Four and Beyond: Six digits or more, such as: 110201 Al-Rajhi Bank, 110202 Al-Ahli Bank
Basic Rule: The sub-account code always starts with the parent account code. For example, if the “Cash and Cash Equivalents” account code is 1101, then the sub-accounts under it are 110101, 110102, and so on.
Important Notes
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If you enable the “Payment and Collection” option, you cannot add sub-accounts under it
