What is a Chart of Accounts?

The Chart of Accounts is a listing of all accounts used in the general ledger of an organization. The Chart of Accounts is used by the accounting software to aggregate information into an entity's financial statements. Your organization will enter the company’s general ledger accounts and account descriptions into this section.

The Chart of Accounts is crucial to a successful Lease Accounting implementation as this will drive the journal entries accounts populated within the Lease Accounting module.

Accurately setting up your Chart of Accounts will allow you to seamlessly populate journal entries and ensure accurate financial reporting. The Chart of Accounts related to lease accounting must match exactly what the ERP says in order for a seamless import experience.