Add Accounts to the Chart of Accounts

Return To The Knowledge Base

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 the Chart of Accounts
From the Argenta main menu on the left-hand side of the screen, choose General Financials > Chart of Accounts.

 

 

 

Click the “Add New” button. This will open the "Add A New Account" window...

 

 

Add The Account

If the account your adding is a loan or an installment account where you will make payments, select Yes for "Is this an installment account?". This will create a special register for this type of an account.
 
If the account is a bank or deposit account and you would like to keep an account register, select Yes for "Will account be used with a register?". This will create a deposit account register for the account.
 
Select the Account Type. This will be one of the nonprofit account types; Asset, Liability, Equity, Income or Expense. This is a required field.
 

Select the account detail type from the drop down list. 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 next to the drop down list. This will open a window, allowing you to add a new account detail type. After adding it, the window will close and automatically select it. This is a required field.

 

Next, enter an account number and account name. These are required fields. Remember account numbers should follow GAAP (Generally Accepted Accounting Principles);

1000 - 1900 Assets
2000 - 2999 Liabilities
3000 - 3999 Equity
4000 - 4999 Income or Revenue
5000 - 9999 Expenses
 

If the account is tied to an institution like a bank or a loan company enter the institution's name and account number for reference. These fields are not required.

 
Enter the Account Open Date for reference. This field is not required.

Enter the name, phone number, and mailing address of the bank account’s contact in the corresponding fields. These are not required fields.

 

You can also provide a description of the account in the “Description” field. This is not a required field.

 

After reviewing the information entered, click the “Add This Account” button to finish. The window will close. You can find your new account in the Chart of Accounts.