The Chart of Accounts is the list of every account a nonprofit has identified and made available for
recording transactions in its accounting system. There are five types of accounts a nonprofit should use to record transactions:
1000 - 1900 Assets
2000 - 2999 Liabilities
3000 - 3999 Equity
4000 - 4999 Income or Revenue
5000 - 9999 Expenses
To Add an Account to Your Chart of Accounts
To get started, select General Financials > Chart of Accounts - from the Argenta main menu on the left-hand side of the screen:
This will open your full Chart of Accounts list. From here, click the “Add New” button:
This will open the Add A New Account window:
To add a new account fill out this information:
- Is this an installment or revolving credit account? - If the account your adding is a loan or an installment account where you will make payments, select "Yes" here. This will create a special register for this type of an account. An installment account is any account you make payments on like a loan. A
revolving credit account is a type of credit account that provides a
borrower with a maximum limit and allows for varying credit
availability, like a credit card. If it is not, leave it at "No". This is a required field.
- Will account be used with a register? - If the account is a bank or deposit account and you would like to keep an account register, select "Yes" here. This will create a deposit account register for the account. If it is not, leave it at "No". This is a required field.
- Account Type - This will be one of the nonprofit account types; Asset, Liability, Equity, Income or Expense. This is a required field.
- Account Detail Type - Use the drop-down menu and select a type. Argenta has account detail types you can use, but you can add and manage your own. While adding an account you can add a new account detail type by clicking the Add New button. This will open a window, allowing you to add a new account detail type. After adding it, the window will close and automatically select your new type. This is a required field.
- Chart of Accounts Number - Enter a number for your new account. Remember account numbers should follow GAAP (Generally Accepted Accounting Principles); This is a required field.
- 1000 - 1900 Assets
- 2000 - 2999 Liabilities
- 3000 - 3999 Equity
- 4000 - 4999 Income or Revenue
- 5000 - 9999 Expenses
- Account Name - You need to enter a name for your new account. This is a required field.
- Institution's Account Number - This is the account number given to you by the institution that holds this account. Like a bank account or a loan account number.
- Account Open Date - Enter the date the account was opened.
- Contact Name - Enter a name for the bank account's contact.
- Contact Phone - Enter a phone number for your contact person here.
- Contact Address - Enter the mailing address of the bank account’s contact here.
- Account Description - You can also provide a description of the account here.
After reviewing the information entered, click the “Add This Account” button to finish. The window will close. You can find your new account listed in your Chart of Accounts.