Chart of Accounts
If your business finances were a library, the Chart of Accounts (COA) would be the catalog system. It’s the complete list of every “bucket” where your money gets categorized — from the cash in your register to the electricity bill you just paid.
Sevenledger comes loaded with a standard set of accounts ready to go, but as your business grows, you can customize this list to track your finances with laser precision.
Viewing Your Accounts
Navigate to Accounting > Chart of Accounts to see your financial skeleton.
You’ll find a comprehensive list of all ledgers, organized by Type (e.g., Accounts Payable, Accounts Receivable).
- Search: Use the search bar at the top to quickly find any ledger by name or type.
- Status Tabs: Toggle between Active and Inactive accounts to keep your view clean — no need to delete historical data.
- System Accounts: Notice a Lock Icon 🔒 next to some names (like specific Vendor or Customer ledgers)? Those are system-generated accounts that can’t be deleted — they’re locked to protect your data integrity.
Adding a New Account
Need to track a specific revenue stream or a unique expense category? You can add a new ledger at any time. Click the + Add Chart of Accounts button in the top right corner.
Define the Category
- Account Type: This is the most critical step. Categorizing the account correctly (e.g., Income, Expense, Asset, or Liability) determines which financial report it appears on. Get this right.
Structure the Account
- Parent Account: Sevenledger supports a hierarchical structure. Want this to be a sub-account (e.g., “Marketing” under “Expenses”)? Select the parent here.
- Account Name: Give it a clear, recognizable name.
- Account Code: Enter a unique numeric or alphanumeric code for faster data entry and cleaner sorting in reports.
Add Context
- Description: (Optional) Add notes about what this account is used for — incredibly helpful for your accountant during audit season.
Save
Click Save to add this bucket to your financial system.
Pro Tip: Don’t overcomplicate it! While it’s tempting to create an account for everything (“Pens,” “Paper,” “Staples”), it’s usually better to group them into broader categories like “Office Supplies.” This keeps your Profit & Loss statement readable and actually actionable.