Chart of Accounts
Also known as: COA.
Definition
A chart of accounts (COA) is the structured list of every account a business uses to record financial activity, organized by type (assets, liabilities, equity, revenue, expenses). Each account has a name and a number, and every transaction posted to the general ledger maps to one or more accounts. QuickBooks, Xero, and other accounting platforms each ship with a default COA that businesses customize over time.
Why it matters
The COA determines what your financial reports look like. A messy COA produces messy P&L and balance-sheet reports. When importing transactions from bank statements or invoices, mapping descriptions to the right COA accounts is what makes the data usable for taxes, lending, and management reporting.
How DocuClipper handles it
DocuClipper categorizes extracted transactions and maps them to your existing chart of accounts in QuickBooks or Xero. See transaction categorization software.
Related terms
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