The Chart of accounts is managed in Fr8Labs Accounting module. Initial setup will be done during pre-migration preparation. But along the way, when business is growing, users need to create the other account, then they can directly create the account into the accounting module.

How to Access Chart of Accounts

1. Go to Fr8Labs Accounting module > Accounting > (Search for “Open Chart of Accounts”)

   

   Search Charge of Account

   
   

   
   

2. You can change the account view to tree view by clicking > Expand All 

Tree view of Chart of Account page

Creating a New Account

1. Go to Accounting Module → Chart of Accounts.

2. Expand the CoA tree and locate the Group Account where you want the new account to sit.

   • Only Group Accounts can contain new child accounts.

3. Select Add Child.

4. Fill in the account details:

   • Account Name – Clear and descriptive (e.g., “Travel Expenses,” “Product Sales”).

   • Account Number – Unique identifier for easier reference.

   • Is Group – Tick this box if you want the new account to act as a folder containing more accounts. Leave unticked if this is a final ledger account.

   • Account Type – Choose the category that defines how this account behaves in reporting (see list below).

   • Currency – Default is company currency. Change only if this account will be used in another currency (e.g., “Debtors – USD”).

5. Click Create New.

Add New Account Dialog

Account Types

Account types determine how transactions are categorized in your financial reports.

• Balance Sheet Accounts

  • Assets – Bank Accounts, Land & Property, Receivables.

  • Liabilities – Owners’ Funds, Loans, Accounts Payable.

• Profit & Loss Accounts

  • Income – Sales revenue, service charges.

  • Expenses – Operational costs like staff salaries, depreciation, or utilities.

• Groups vs. Ledgers

  • Groups: Can contain child accounts. Used for structuring the CoA.

  • Ledgers: The final accounts where actual transactions are posted.

Special Account Types

Some useful account categories to be aware of:

• Bank – For creating bank accounts.

• Cash – For petty cash handling.

• Tax – VAT, GST, or other tax accounts.

• Fixed Asset – Buildings, Machinery, Furniture.

• Depreciation – Expense accounts for asset depreciation.

• Receivable/Payable – Track amounts owed by customers or to vendors.

• Round Off – Capture small rounding differences in invoices.

• Temporary – Used during migration or balancing entries.

Tips

• Use child accounts for granular tracking (e.g., “Travel – Local” and “Travel – Overseas” under “Travel Expenses”).

• For foreign currency transactions, create separate accounts (e.g., “Debtors – USD,” “Creditors – USD”).

• Accounts can be rearranged within the CoA tree for better organization.

Example Chart of Accounts Tree

Documentation owner: Fr8Labs Customer Success. Text reviewed: 21 September 2026.