The chart of accounts is a list of all accounts that a business uses, containing both account descriptions and account numbers. An example of such a chart is as follows:

Some accounts such as Cash, Accounts Receivable, and Accounts Payable are used by most businesses in their chart of accounts. However, businesses also quite often make use of other accounts that provide whatever additional financial accounting methods are needed for that specific organization. Due to the wide number of business types in existence, this means that the number of different accounts that can be found in use is almost unlimited. In some companies, slightly different titles may be used for the same revenue, expenses, asset, liability, or owner's equity account.

When implementing Aptify, there are a few types of scenarios that may be encountered with respect to the creation of a chart of accounts:

Implementation Scenario 1: Fully expanded chart of accounts that must be established in Aptify

In the event that an organization has a fully developed chart of accounts, these must be established within Aptify. The organization must then assign these GL Accounts to the appropriate "interface points" in Aptify. These interface points are Product Categories, Products, Payment Types, and possibly Order Levels.

Implementation Scenario 2: Re-design of the chart of accounts structure

In the event that an organization is redesigning the chart of accounts, the first step is to determine what changes are necessary to the GL Accounts already set up within Aptify. Next, any transactions necessary are processed in Aptify and standard debit and credit journal entries are created. The organization must then assign these accounts to the appropriate "interface points" in Aptify. These interface points are Product Categories, Products, Payment Types, and possibly Order Levels.