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Chart of Accounts

The Chart of Accounts is a tool that lists all the accounts present in the general ledger of a business. It plays a significant role in organizing the financial information, making it easier to track incomes and expenses by their categories. By doing so, you can then generate reports to analyze your income sources and expenditure types.

Inside the CargoX is pre-filled with numerous accounts. While the default accounts cater to generic needs, there's flexibility to introduce business-specific accounts. For instance:

  • You might use a single account named "Transportation Fees" to cover various transportation charges like air, ocean, ground, and more.
  • Alternatively, you can set up distinct accounts for each type of transportation.

A snapshot from the system displays accounts such as Freight Cost and Freight Income, with details about their account type.

Account Types​

  • Accounts Receivable (AR) Money that others owe to the business (Asset).

  • Accounts Payable (AP): Money that the business owes to others (Liability).

  • Income: Indicates the sources of money for the business.

  • Expense: Represents where the business's money is being spent.

  • Cost of Goods Sold: Shows the cost related to items that the business sells.

  • Bank: Account to manage transactions from checking and savings, money market accounts, and petty cash.

  • Undeposited Funds: Money kept aside for future deposit.

  • Fixed Assets: Items like equipment or furniture not turning into cash within a year.

  • Other Assets: Assets that don't fit into the Fixed or Current categories.

  • Other Current Assets: Items like receivable notes due within a year or the value of inventory.

  • Long Term Liability: Liabilities lasting over a year, e.g., mortgages.

  • Other Current Liability: Liabilities that are due within a year. For instance, sales tax.

  • Equity: Represents the company's net worth.

  • Credit Card: Each "Credit Card" account tracks expenses paid via that specific card. Also, remember to add the credit card company as a Vendor in the Maintenance folder.