Chart of Accounts
This tutorial walks you through setting up Accounts in the Chart of Account master. This is the most crucial master for getting your financial statement and other accounting reports correct.
Chart of Account is a tree structure master which allows user to define parent and child relationship between accounts. Also there are various account types (like Income a/c, Expense a/c, Bank a/c, Tax a/c etc.) which helps you segregate and filter out other accounts while creating transactions.