Setting up Chart of Accounts in Oneflow

Efficient financial management begins with a well-structured Chart of Accounts (COA). In this guide, we'll explore how you can easily set up a Chart of Accounts using Oneflow, a cloud-based accounting software. Follow these steps to organize and categorize your financial transactions effectively.

Log in to your Oneflow account.

Navigate to the main menu and locate the Accounting Module.

Click on "Chart of Accounts" to enter the section where you can manage your financial accounts.

Explore Tabs - Chart of Accounts, Groups, and Accounts

Within the Chart of Accounts section, you will find tabs for Chart of Accounts, Groups, and Accounts. Navigate across these tabs to view/manage different aspects of your financial structure.

Groups:

In Oneflow, Account Groups are pivotal components in crafting a well-organized Chart of Accounts, providing a structured framework for categorizing and managing financial transactions efficiently. These groups serve as high-level categories, aiding in the hierarchical organization of related individual accounts. Their key functions include simplifying financial reporting, streamlining data entry, and ensuring a systematic approach to organizing financial information.

Account Groups in Oneflow enable users to create a logical and hierarchical structure within the Chart of Accounts, enhancing the clarity and accessibility of financial data. By grouping related accounts, users can generate meaningful financial reports, facilitating informed decision-making. The efficient integration of Account Groups with individual accounts ensures consistency and standardization in data entry processes.

Establishing a well-defined hierarchy and associating accounts with specific groups contributes to an organized financial framework in Oneflow, enhancing overall efficiency in accounting processes. 

Create New Groups

On the right top corner of the interface, you'll find the "New Group" button. Click on it to initiate the creation of a new account group. Account groups act as broader categories that encompass individual accounts.

Specify the group name, description, parent, code(optional), and any additional information.

Consider the hierarchical structure of your accounts and organize groups logically. Leave code field empty to let Oneflow automatically generate group code for you. Click Add to create.

Editing and Deleting Account Groups:

To Edit/Delete any group hover over the item in the Chart of Accounts Tree View. Alternatively, go to the Group Tab and click on Edit/Delete icon on the right to initiate the action.

It is not advisable to alter the parent group after you have added accounts under the group and have transactions on it.

Also, Exercise caution when deleting Account Groups, as this action may impact associated accounts and historical data.

Accounts (Ledger)

An account ledger in Oneflow is like a detailed financial diary for specific categories of spending or earning. Just as you keep track of your daily activities, the ledger records every financial transaction, providing a clear history of money coming in and going out. It maintains a running total, ensuring you always know the remaining balance in each category. Accessible within Oneflow's "Chart of Accounts," the ledger simplifies financial tracking, aids in budgeting decisions, and contributes to transparency. It's a valuable tool for understanding, organizing, and managing your financial activities with clarity and control.

View/Manage Accounts Ledger

To view your accounts ledger, click on the chart of accounts tab, there you can see your account groups in bold letters underneath which the associated accounts (in plain letters) are listed.

Alternatively, go to Accounts Tab in the Chart of Accounts section. All your Accounts ledger are listed here. 

To Edit/Delete your Accounts Ledger, Click on the action button Edit/Delete icon on the right to initiate the action. Or you can hover over the account ledger in the Chart of Accounts Tree and use the edit/delete button to complete the action.

Do not alter the accounts if the accounts created have already some transactions. This may make your data unusable and issue with your reports.

Creating New Account Ledger

To Create a New Account, click the New Account Button located at right top.

Alternatively, You can use quick access (+) button on the header and Click New Account.

 Fill up the details like name, description, parent group, category etc. Click Add and there you have it, your new account is successfully created.

Hierarchy Management:

In Chart of Accounts and Reports, your hierarchy of groups and accounts is very essential to ensure a proper presentation and readability for the user of reports. 

By default, Oneflow will create groups and accounts in the order of its creation.However in some cases you may want to alter the order of groups and accounts as per reporting requirement and for better presentation. For example, sometime you may want your Cash & Cash Equivalent Account Ledger to appear on top before Accounts Receivables. Click on Show Code to view the code of the group/account ledger. Now, To change the heirarchy/order alter the code of Accounts Receivables to higher number (say 0005) and the code of Cash & Cash Equivalent to lower number (say 0004).

Integration with Accounts:

When creating individual accounts within Oneflow, associate each account with a specific Account Group.

This integration ensures that accounts are part of a larger, well-organized category within the Chart of Accounts.

Learn More: https://oneflow.pro