Chart of Accounts

Chart of Accounts is a list of all the GL Accounts that have been entered into one of the Ledgers by the school. The accounts are specific to a given ledger and use the format set up in GL Account Mapping.

There are three basics accounts needed in the Finance portal:

A Revenue Account, which is a category of accounts used to record the money that the school has received. Revenue accounts can have the account type income, unrestricted, temporarily restricted, permanently restricted, or other.

An Accounts Receivable account, which is a revenue account used to record customer transactions from billing a customer for goods or services they have purchased. The account type for this account should be income.

A Deposit/Bank Account, which is used to record all payments to the school. The category for this account can be liability or asset and the account type is Bank Account.

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