What is a Chart of Accounts?
Understanding the Chart of Accounts in Hedgi
The chart of accounts is a standard component of accounting that categorizes all financial transactions into accounts for tracking and reporting.
Key features of the chart of accounts in Hedgi:
- Includes asset, liability, equity, revenue and expense accounts.
- Accounts have assigned codes for easy identification and classification.
- Structured hierarchically from broad classes to specific accounts.
- Hedgi provides preset industry-standard charts of accounts.
- Can be customized by adding user-defined accounts if needed.
- Enables organized bookkeeping and clear financial statements.
- Supports detailed tracking of revenues, costs, margins and other metrics.
Properly structuring your chart of accounts is crucial for accurate accounting and financial visibility. Hedgi leverages industry-recommended account classifications to simplify setup while still allowing customization.
Reach out to our support team if you need any assistance understanding the chart of accounts or making adjustments for your business use case.