Thumbtax' chart of accounts consist of a list of all accounts that are used by any business company.
An account may be categorized to different types such as asset, liability, equity, income, and expense.
Seek the help of your accountant or bookkeeper in grouping accounts for your business.
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Assets
- Other Assets
- Other Current Assets
- Long-term Assets
- Fixed Assets
- Contra Assets
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Liabilities
- Current Liabilities
- Other Current Liabilities
- Long-term Liabilities
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Equity
- Owner's Equity
- Capital Stocks
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Income
- Retained Earnings
- Revenue
- Other Income
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Expenses
- Cost of Sales
- Operating Expenses
- General and Administrative Expenses
Creating a New Account
Navigate to Accounting module, select the Chart of Accounts tab and click
Add New Chart of Account button.
| Field |
Description |
| Account Code |
Enter a unique code for the new account. |
| GL Name |
Enter the name of the account. |
| Account Type |
Select the type of the account to determine the VAT Rate to be charged.
|
| Withholding Tax |
Select from the list of withholding tax code you created to determine the withholding tax rate to be charged for the account you're creating. |
| Category Type |
Select the category of the account.
|
| Status |
Set the status of the account. |
| Subaccount for |
Select here the main account if the account that you are creating is a subaccount to this main account. |
*Tax rates will reflect to the transactions under the account that you have created.
Uploading of Chart of Accounts
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Scroll down to the lower part of the page, you will see the upload controls section.
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You can download the template file to be your guide.
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Make sure the XLS file is formatted correctly.
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Click Choose file and select the file you wish to upload.
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Click Upload button.
Other Actions
To edit an account,
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Click the row of the account you wish to edit.
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Click Save Changes upon updating.
To delete,
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Click
icon
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A confirmation modal will appear and click OK.