Chart of Accounts Module

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Ledger Accounts Mode	A list of all ledger accounts available for selection and inclusion in financial statements.
Default Accounts Mode	A list of various ledger accounts that TRUE will automatically set upon creating a journal entry.
Class Mode	Additional identifying criteria users can deploy for financial reporting.
Groups Mode	Groups allow for the ability to link ledger accounts and total multiple accounts on a financial statement.

Quick Search	Use the search bar to search for ledger accounts by partial or full name, category, or number.
Active	Displays all active ledger accounts.
Inactive	Displays all inactive ledger accounts.
Show All	Shows both inactive and active ledger accounts. Will not show previously deleted ledger accounts.

CSV Template	Produces a blank .CSV file template for data import into TRUE.
Export Accounts	Allows users to export the Chart of Accounts into a .CSV file.
Import Records	Once the .CSV template has been correctly updated, selecting Import Records asks users to choose the template file and upload into TRUE.

+ Icon	Click to add a new ledger account to TRUE. A card will pop open to allow the user to create an account.
Trash Can Icon	Inactivates a ledger account. This will not affect any prior accounting periods but will remove the account as an option for new entries.

Category	Used for grouping and totaling on accounting reports. Shows the selected classification for the general ledger account. Examples include: Assets (resources owned by the organization), Liabilities (debts or claims), Equity (owner's financial share), Revenue (income received), Expenses (costs paid).
Subcategory	Used for grouping and totaling on accounting reports. Each category has its own specific subcategories.
Identifier	An additional level of labeling and grouping ledger accounts on accounting reports. Examples include payable, sales tax, use tax, other asset, cash, or receivable.
Ledger Number	Account numbers must be a minimum of four and a maximum of ten numbers. Common ranges: Assets (1000's), Liabilities (2000's), Equity (3000's), Revenue (4000's), Costs of Goods Sold (5000's), Expenses (6000's and up).
Ledger Name	Title of the ledger account. This is a customizable field based on the company's reporting preferences and active accounts.

Purpose

AR Account	Represents the account used to track money owed to the company by customers for goods or services provided on credit.
Retainage Receivable Account	Tracks the portion of contract payments withheld by customers until project completion or other conditions are met.
Revenue Account	Used to record income generated from the company's primary business activities.
Other Revenue Account	Records income from sources other than the company's primary business activities.
Deferred Revenue Account	Records payments received in advance for goods or services not yet delivered.
Sales Returns Account	Tracks the value of goods returned by customers and related adjustments.
Sales Tax Liability Account	Used to record sales tax collected from customers that must be remitted to tax authorities.

Inventory Account	Used to record and track the value of goods held for sale or production.
Goods Received not Invoiced Account	Records inventory items received but not yet billed by the supplier.
Cost of Goods Sold Account	Tracks the direct costs associated with producing goods sold by the company.
Inventory Shrinkage Account	Used to account for inventory losses due to theft, damage, or errors.

Cost in Excess of Billing Account	This is referred to as 'underbilling', a situation where a subcontractor incurs costs for work that has yet to be billed to the client.
Billing in Excess of Cost Account	This is referred to as 'overbilling', a situation where a subcontractor bills more to the client than the costs they've incurred.

Cash Account	Represents the company's liquid assets, including currency and bank deposits.
Credit Card Fee Account	Ledger account when a Credit Card fee is included in a Receipt Transaction Journal Entry.

Payroll Expense Account	Used to record the total cost of employee compensation, including wages and salaries.
Payroll Liability Account	Tracks amounts owed to employees and tax authorities for payroll-related obligations.

AP Account	Represents money owed by the company to suppliers for goods or services purchased on credit.
Expense Account	Used to record costs incurred in the course of business operations.
Use Tax Liability Account	This is the applicable ledger account link to the Tax Rate that is included in a Bill or Invoice.
Purchase Returns Account	Used to record the value of goods returned to suppliers and related adjustments.

Vendor Rebate Account	Tracks rebates or discounts received from suppliers, often based on purchase volume.
Vendor Credit Account	Records credits issued by suppliers for returns, adjustments, or other reasons.
Customer Credit Account	Used to track credits owed to customers, which may be applied to future purchases or refunded.