This article explains the steps to set up the Chart of Accounts in Qoyod: adding new accounts, recording manual Journal Entries, and using easy entries for those without an accounting background.
What Is the Chart of Accounts
The Chart of Accounts is a list containing a set of accounts arranged in a specific pattern and sequence. In Qoyod, this list is known as the Chart of Accounts.
Step One: Add New Accounts
The Chart of Accounts in Qoyod comes ready-made for a wide range of business activities. You only need to specify which account will carry the products/services/costs or manual Journal Entries.
Accounting Levels in the Software
Qoyod provides 7 levels for the Chart of Accounts. Example:
- Level 1: Assets.
- Level 2: Current Assets.
- Level 3: Prepaid Expenses.
- Level 4: Prepaid Insurance.
- Level 5: Prepaid Medical Insurance.
You can branch down to the seventh level.
Step Two: Add Manual Journal Entries
This option lets you create a manual Journal Entry where you specify the debit and credit accounts, with the option to add notes. These entries are automatically reflected in the financial Reports.
Step Three: Add Easy Entries
Easy entries are designed for users without an accounting background, helping them post entries correctly through simplified steps.
Available Easy Entry Types
- Funds movement.
- Capital contribution.
- Fixed asset depreciation.
- Owner withdrawal.
- Dividend distribution.
