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Chart of Accounts

A Chart of Accounts provides a structure for categorising all the accounts you have in your General Ledger.

It's expected that you define this once, rather than continually update it. This makes reporting processes simpler.

A Griffin account comes with a standard top-level Chart of Accounts:

  • Assets
  • Liabilities
  • Equity
  • Income
  • Expenses
  • Off-balance Sheet (Assets)
  • Off-balance Sheet (Liabilities)

Any number of categories can be created below this; it is completely up to you.

A Griffin Chart of Accounts has one strong restriction. All accounts are at the same depth within the structure. That is, if you create two levels of categories underneath Assets, you must create two levels under each other top-level category. For example:

  • Assets
    • Cash and Cash Equivalents
  • Liabilities
    • Payables
      • Dividends Payable
      • Interest Payable

is not allowed. The following would be required:

  • Assets
    • Cash and Cash Equivalents
      • Cash
  • Liabilities
    • Payables
      • Dividends Payable
      • Interest Payable

Note that the number of levels is now equal across top-level categories.

Updated about a month ago

Chart of Accounts


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