Chart of Accounts

Set up and manage your organization's chart of accounts.

Default Chart of Accounts

Fawterly includes a pre-configured chart of accounts based on standard accounting practices. Accounts are organized into five categories: Assets, Liabilities, Equity, Revenue, and Expenses. Each account has a number, name, and type.

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Customizing Accounts

Add new accounts, rename existing ones, or deactivate accounts you do not use. You can create sub-accounts for more detailed tracking. Account numbers follow a hierarchical system that you can customize to match your preferences.

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Account Types

Each account is assigned a type that determines its behavior in reports: Current Asset, Fixed Asset, Current Liability, Long-Term Liability, Equity, Revenue, Cost of Goods Sold, Operating Expense, and Other Income/Expense.

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