Chart of Accounts
Overview
Section titled “Overview”The chart of accounts is the foundation of LAMS’s bookkeeping system. Every financial transaction is posted to one or more accounts. This page explains how to view, add, and manage accounts.
Viewing the Chart of Accounts
Section titled “Viewing the Chart of Accounts”Chart of accounts smart table showing account number, account name, account group, and active status columns
Navigate to Bookkeeping > Chart of Accounts to see all accounts organized by group.
Account Groups
Section titled “Account Groups”Accounts are organized into five groups:
| Group | Examples |
|---|---|
| Assets | Cash accounts, accounts receivable, prepaid expenses, fixed assets |
| Liabilities | Accounts payable, deferred premium, accrued expenses |
| Equity | Retained earnings, owner’s capital |
| Revenue | Premium income, commission income, fee income |
| Expenses | Claims paid, operating costs, salaries, rent |
Adding a New Account
Section titled “Adding a New Account”Add account form showing account number field, description, account group dropdown, fiscal year, and cash flow type selector
- Click Add Account.
- Enter a unique Account Number — use your existing numbering convention (e.g., 1000s for assets, 2000s for liabilities).
- Enter a clear Description — this appears on all reports.
- Select the Account Group (Assets, Liabilities, etc.).
- Set the Fiscal Year this account is active for.
- Select the Cash Flow Type: Operating, Investing, or Financing.
- Click Save.
Editing an Account
Section titled “Editing an Account”Open any account from the smart table and click Edit to update the description, group, or dates. Account numbers cannot be changed after the account has been used in a journal entry.
Exporting the Chart of Accounts
Section titled “Exporting the Chart of Accounts”Click Export to download the full chart of accounts to Excel for review or audit purposes.