Understand the Chart of Accounts

The Chart of Accounts is the list of accounts your books use: assets, liabilities, equity, income and expenses. GodoERP starts you with a standard Philippine chart, and every invoice, bill, expense and payroll posts to these accounts automatically.

Where: Chart of Accounts in the menu.

What you can do

• Search by account name, code or description, and filter Active or Inactive accounts.
• Ledger: opens every transaction in that account (the General Ledger).
• + Add Account: for example a separate expense account for Delivery Expense, or a bank account.
• Edit: rename an account or make it inactive.

Good practice

• Add accounts only when you need a separate line in your reports.
• Don't delete accounts that have transactions. Make them inactive instead.
• Some accounts are used automatically by the system, such as Output VAT, Input VAT and the SSS, PhilHealth, Pag-IBIG and withholding tax payables. Keep their names and types as they are.

Tip: Your accountant can review the chart once at the start. A clean chart makes the Profit & Loss and Balance Sheet easy to read.