Chart of Accounts

The chart of accounts is a listing of all accounts used in the general ledger of your business. Bench sets up a basic list of accounts for you to get started.

Bench does not limit you to the out of box chart of accounts. You are free to create as many accounts as you need.

To view the chart of accounts, navigate to: Accounting > Chart of Accounts

Setting up accounts is a key step in configuring your accounting system. Each account represents a financial record used to track money, assets, or transactions.

This guide walks you through how to create a new account in Bench using the Create Account form.

📍 Where to Find It Go to the Accounting module.

Click on Chart of Accounts.

Click Create Account to open the form shown below.

📝 Step-by-Step Instructions 1. Name* Enter a descriptive name for the account (e.g., Bank of Africa - Main Account or Office Supplies). This is what users will see when selecting or viewing the account.

  1. Account Type* Choose the category this account belongs to. Options include:

Asset: e.g., Cash, Inventory

Liability: e.g., Loans, Payables

Equity

Income

Expense

Bank

Receivable

Payable

...and others

🔍 Why it matters: The account type determines how transactions affect your financial statements (e.g., Balance Sheet, Income Statement).

  1. Parent Account (Optional but Recommended) Specify a parent account if this is a sub-account. For example, Bank Charges might be a child of Operating Expenses.

📌 Note: All accounts must belong to a parent account. If this is left blank, you’ll receive a validation error.

  1. Account Number (Optional) Enter an account number if your organization uses structured account codes. e.g., 100-001-001 for a cash account.

  2. Account Currency* Select the currency in which transactions for this account will be recorded. Only active currencies are available for selection.

  3. Description* Write a clear description of what this account is for. Example: Main business checking account used for operating expenses.

🏦 Bank Account Section If the account is for a bank, you can also enter the Bank Account Number. This is helpful for referencing or reconciling with real bank statements.

✅ Saving the Account Click the Save button at the bottom of the form. If any required fields are missing or invalid, the system will let you know what to correct.

🙋 Frequently Asked Questions Can I create two accounts with the same number? No. Account numbers must be unique within the same currency.

What happens if I choose the wrong account type? The accountΓÇÖs debit or credit behavior may be incorrect. You can edit the type later, but only if no transactions have been recorded.

Why do I need a parent account? This helps organize your Chart of Accounts into a clear structure. For example, all expense accounts can be grouped under one parent.

🔒 Important Notes You cannot delete an account if it has existing transactions.

Some account types (like Receivable or Payable) are used in other modules (like Invoicing) and must be created carefully.

Certain core account types (IDs 1ΓÇô12) are protected and cannot be removed.