Chart of Accounts
The Chart of Accounts (CoA) is the master list of all ledger accounts in your books. Every transaction in ABSS — invoices, bills, payments, journals — posts to one or more accounts in your CoA. It forms the foundation of all financial reports.
ABSS pre-loads a default CoA
When you create a new company in ABSS, a standard Indian CoA is pre-loaded with GST-specific accounts (IGST Payable, CGST Payable, SGST Payable, ITC accounts). You can add, rename, or merge accounts — but you cannot delete system accounts used by ABSS for tax postings.
Account types and structure
ABSS uses a 4-digit account code structure. The first digit identifies the account type. Accounts are grouped into 5 types aligned with the accounting equation: Assets = Liabilities + Equity + (Income – Expenses).
| Account Name | Code | Subtype |
|---|---|---|
| Cash in Hand | 1001 | Current Asset |
| Bank – HDFC Current Account | 1010 | Current Asset |
| Accounts Receivable (Debtors) | 1100 | Current Asset |
| Closing Stock | 1200 | Current Asset |
| Machinery | 1500 | Fixed Asset |
| Vehicles | 1510 | Fixed Asset |
| Account Name | Code | Subtype |
|---|---|---|
| Accounts Payable (Creditors) | 2001 | Current Liability |
| GST Payable (Output IGST) | 2100 | Current Liability |
| GST Payable (Output CGST) | 2101 | Current Liability |
| GST Payable (Output SGST) | 2102 | Current Liability |
| TDS Payable | 2200 | Current Liability |
| Term Loan – Bank | 2500 | Long-term Liability |
| Account Name | Code | Subtype |
|---|---|---|
| Sales – Goods | 4001 | Revenue |
| Sales – Services | 4002 | Revenue |
| Sales Returns | 4010 | Contra Revenue |
| Interest Income | 4100 | Other Income |
| Discount Received | 4200 | Other Income |
| Account Name | Code | Subtype |
|---|---|---|
| Cost of Goods Sold (COGS) | 5001 | Direct Expense |
| Salaries & Wages | 5100 | Indirect Expense |
| Office Rent | 5200 | Indirect Expense |
| Freight & Courier | 5300 | Indirect Expense |
| Bank Charges | 5400 | Indirect Expense |
| Depreciation | 5500 | Indirect Expense |
| Account Name | Code | Subtype |
|---|---|---|
| Owner's Capital | 3001 | Capital |
| Retained Earnings | 3100 | Reserves |
| Partner Drawings | 3200 | Drawings |
Common tasks
Add a new ledger account
- 1
Go to Accountant → Chart of Accounts
- 2
Click 'Add Account' (top right)
- 3
Choose the parent account type (Assets / Liabilities / Income / Expenses / Equity)
- 4
Enter the account name and assign an account code
- 5
Select the subtype (Current Asset, Fixed Asset, etc.)
- 6
Click Save — the account is now available in all transaction forms
Merge two accounts
- 1
Go to Accountant → Chart of Accounts
- 2
Open the account you want to merge (the one to be retired)
- 3
Click 'Merge' in the account actions menu
- 4
Select the target account into which all balances will be transferred
- 5
Confirm — ABSS moves all historical transactions to the target account and archives the source account
Set opening balance for an account
- 1
Go to Accountant → Chart of Accounts
- 2
Open the ledger account
- 3
Click 'Opening Balance' tab
- 4
Enter the balance as of your migration date (debit or credit)
- 5
Save — the opening balance appears in the Trial Balance immediately
Best practices
Keep the number of accounts manageable — too many accounts make reports hard to read. Aim for under 150 accounts for most SMEs.
Never delete system accounts (marked with a lock icon). These are used for GST postings and deleting them breaks tax calculations.
Use sub-accounts for detailed tracking — e.g., create 'Expenses → Travel → Airfare' and 'Expenses → Travel → Hotel' under a parent 'Travel Expenses' account.
Set opening balances for all accounts before you start entering transactions. An incorrect opening balance affects your Trial Balance and Balance Sheet for the entire year.
Before sending books to your CA, run a Trial Balance and verify that Debits = Credits. If they don't match, look for unposted or partially-saved transactions.