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 several fundamental types of accounts, each with a specific purpose:

Bank Account: This account is used to record all payments made to the school. It is an asset category with a bank account type.

Accounts Receivable: This account records customer transactions related to billing for goods or services purchased by customers.

Undeposited Funds: This account temporarily holds payments (such as checks or cash) received but not yet deposited into the bank. It is an asset account that helps track funds awaiting deposit.

Prepaid Expense: This account type records expenses paid in advance, such as insurance or rent, where the benefit will be received in future periods. This account type is available for Asset and Expense accounts.

Fixed Asset: A Fixed Asset account is used to track physical assets owned by the school, such as buildings, equipment, or furniture. The account type for Fixed Assets is categorized as assets.

Depreciation: This account records the reduction in value of the school's fixed assets over time. Depreciation accounts help allocate the cost of an asset over its useful life and is a contra-asset account. When working with Fixed Assets, there will be the fixed asset Asset account, a depreciation Asset account, and a depreciation Expense account.

Equity / Net Asset: These account types are the same concept, with Equity commonly being used for Profit and Net Asset being used for Non Profit.

Unrestricted / Temporarily Restricted / Permanently Restricted: These account types are used to track funding and its use. These account types may appear as a Liability, Revenue, and/or Expense.

Accounts Payable: This account records vendor transactions related to billing for goods or services purchased by the school.

Credit Card: This is a liability account type for credit cards.

Current: This is a liability account type to track liabilities in the current fiscal year.

Long Term: This is a liability account type to track liabilities spanning multiple fiscal years.

Deferred Revenue / Unearned Revenue: These are used interchangeably; they are liability account types to hold revenue as a liability until it can be considered earned.

Income: This type of account is used to record the revenue that the school has received.

Wage: This type of account is used to track employee wage expenses.

Gain: This type of account is for increases that are not part of the school's operation and is used to categorize these gains from revenues for tax purposes.

Loss: This type of account is for decreases that are not part of the school's operation and is used to categorize these losses from expenses for tax purposes.

Other: These accounts are used for miscellaneous financial activities that don't fit into the other categories. This category allows for flexible financial tracking and categorization within the ledger.

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