If you are going to build your chart of accounts from scratch, first decide what the account names, numbers, and classes are (if you are not an accountant, we recommend you involve your accountant in this project). Make a list of the accounts and organize your list according to classes or types of accounts (assets, liabilities, expenses, and so on).

If you have existing accounts, see Importing and Copying a Chart of Accounts.

Do not assign account numbers at this time, but do consider your account numbering system carefully. Many features of General Ledger let you perform operations on a selected group of accounts when you specify a range of account numbers. Therefore, accounts that are frequently grouped together, such as current assets, should have account numbers that fall within a range with no other accounts in that range.

Because the chart of accounts is the backbone of your accounting system, we recommend consulting an accounting professional to develop the right accounts for your business.