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Feature Availability

Vtiger Editions: One Growth | One Professional | One Enterprise | One AI

Introduction

The Chart of Accounts (CoA) is a systematic and methodical documentation of an organization's financial accounting transactions, such as sales, purchases, assets, and income.

Chart of Accounts in Vtiger CRM

The Chart of Accounts (CoA) in Vtiger is an accounting Add-on. It helps you group and track your financial transactions into different categories for easy accounting and tax management. It is available as an Inventory feature under the Inventory Settings. 
With the Chart of Accounts Add-on, you can:

• Set up different types of transactional accounts.
• Log your financial transactions as a filing system.
• Enhance your tax management process by introducing additional tax modes, such as Org account taxes, Contact account taxes, Item account taxes, and Record account taxes. 
• Helps you link and apply tax modes to the Vitger Inventory modules, enabling easier, automated tax updates.
• Lets you integrate with different Inventory apps such as QuickBooks, MYOB, and Tally.

Syncing with 3rd-Party Apps

The Vtiger Chart of Accounts Add-on allows you to synchronize accounts with third-party applications such as MYOB, QuickBooks Online, and Tally. If you are using the Chart of Accounts in any of these applications, the accounts you create will automatically sync with Vtiger's Chart of Accounts Add-on.

You can view these accounts on the Vtiger Chart of Accounts Add-on settings page, where each account's source is displayed. For example, if an account is synced from MYOB to Vtiger, the source will be displayed as MYOB on the Vtiger Chart of Accounts settings page.

Taxes with the Chart of Accounts Add-on

With the Chart of Accounts add-on, you can:

• Leverage Individual and Group Tax modes for tax management.
• Use Organization, Contact, or Item tax modes under Group taxes.
• Use the Sales Account field for Invoice transactions (automatically updated based on the tax mode).
• Use the Purchase Account field for Purchase Orders (automatically updated based on the tax mode).

Note:

• You can disable a tax by updating the tax value to 0%.
• These apply only when the CoA account type is set to Sales and a Sales Account is selected in the Organization module. The same applies to the Purchase Accounts for purchase-related modules.
• When creating an account on the CoA page, the taxes enabled in tax management are listed for selection.
• You can add any number of taxes to a CoA account.

Key Features

The key features of the Chart of Accounts add-on are:

• Configure multiple types of accounts.
• Use the three additional tax modes added to the default tax modes: Group and Individual.
• Automatically sync the Inventory modules' taxes with the Sales and Purchase accounts' taxes for related Organizations, Vendors, Contacts, and Products.
• Use the Sales and Purchase Account fields to automatically apply the defined account taxes to products.

Benefits

The benefits of the Chart of Accounts add-on are:

• Syncs data from MYOB to Vtiger CRM.
• Offers user-friendly automatic data categorizing and processing.
• Saves manual effort.
• Requires low implementation efforts.

In this article, you will learn about:

• Installing the Chart of Accounts Add-on
• The Chart of Accounts  feature in Vtiger CRM
• The Chart of Accounts tax modes for the sales-related inventory modules
• The Chart of Accounts tax modes for the purchase-related inventory modules

Key Terminology

 

Installing the CoA Extension

To use the Chart of Accounts Add-on in Vtiger CRM, admin users must first install it. 
Follow these steps to install the Chart of Accounts Add-on:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Add-ons. The Add-ons page opens.
4. Look for the Chart of Accounts Add-on.
5. Click Install.
6. Click Yes to confirm the installation.

Once you successfully install the Chart of Accounts Add-on, you can see it under the Inventory App Settings.

Chart of Accounts Settings Page

After installing the Chart of Accounts Add-on, you can configure the accounts in the Settings.

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Follow the steps below to access the Chart of Accounts settings page:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Click Chart of Accounts under the Extensions.

Here you can view the following:

• The Add Account button to add different types of accounts.
• List of accounts with the following:
  • Account Code: Unique code of an account.
  • Account Name: Name of the account.
  • Account Type: Type of account. For example, Sales Purchases, Assets, etc.
  • Taxes: The taxes added to that account. For example, CGST, IGST, CST, VAT, etc.
  • Source: The source of the account. For example, CRM if the account is created from Vtiger; similarly, MYOB, QuickBooks, etc.
• The Actions column to edit or delete an account.

Adding an Account to the Chart of Accounts

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Follow these steps to add an account in the CoA Settings:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Click the Chart of Accounts under the Inventory section. The Chart of Accounts page opens.
5. Click + Add Account. The Add New Account window opens.
6. Enter or select the information below:
   1. Account Name - Enter a name for the account.
   2. Account Code -  Enter a code for the account.
   3. Account Type - Select an account type
   4. Select Tax - Select tax types
7. Click Save.

Note: Any account added to the Chart of Accounts page is available as a value in the Sales Account and Purchase Account picklist fields.

Chart of Accounts in the CRM Modules

On configuring the Chart of Accounts Add-on, the Sales Account and Purchase Account fields are added to the Organizations, Contacts, Vendors, Invoices, Products and Services modules.

Sales Account Structure

The following explains how the Sales Account works:

• Account Type: Revenue or Income.
• Purpose: Records income from main business operations (for example, product sales, service revenue).
• Nature: Increases with credit, decreases with debit.
• Sub-accounts: Often broken down by product line or service type (For example, Sales - Product A, Sales - Services).
• Counter Accounts: Sales Returns & Allowances and Sales Discounts that reduce total sales.

The Sales Account field is available in the Item Details section in the Detailed View of the following sales-related inventory module records:

• Credit Notes
• Invoices
• Quotes
• Sales Orders
• Subscriptions
• Work Orders

Purchase Account Structure

Tax Management with the Chart of Accounts Add-on

How Taxes Work with the Chart of Accounts Add-on

With the Chart of Accounts Add-on, the following tax modes are added:

• Org account taxes
• Contact account taxes
• Item account taxes
• Record account taxes (For sales-related modules only)

The tax percentage or tax value defined for these taxes is automatically updated when selecting the respective tax modes.
You can also edit the predefined tax value at the record or item level while creating a sales or purchase-related inventory record. For example, Invoices or Purchase Orders.

Tax Modes

With the Chart of Accounts Add-on, the following tax modes are available in the Tax Management settings, along with the existing Group and Individual tax modes:

• Org Account Tax
  • For sales-related inventory modules, Org account taxes are applied based on an organization's sales account.
  • For purchase-related inventory modules, vendor account taxes are applied based on a vendor’s purchase account.
• Contact Account Tax: Taxes are applied to the Sales and Purchase accounts of a Contact associated with the sales and purchase-related inventory module records.
• Item Account Tax: Taxes are applied to the Sales and Purchase accounts of an item, as recorded in the sales and purchase modules.
• Record Account Tax: Taxes are applied from the sales account of a particular inventory record.
  • Note: This tax mode is available only in the Sales Orders and Invoices modules that are used for Tally sync.

CoA Tax Modes for Sales-related Inventory Modules

For the sales-related inventory modules, the CoA tax modes - Org account taxes, Contact account taxes, and Item account taxes automatically update the Sales Accounts taxes in the respective modules.

Here, for instance, let us consider the Invoices module to understand how automatic tax updates for Sales Account taxes work.
Note: You can also use other sales-related inventory modules for the same.

Follow these steps to set up a Sales Account in the Chart of Accounts Add-on settings, considering the Sales Account as Trade with Tax Types CGST and GST:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Click Chart of Accounts under the Inventory section. The Chart of Accounts page opens.
5. Click + Add Account. The Add New Account window opens.
6. Enter or select the information below:
   1. Account Name - Enter a name for the account - Trade.
   2. Account Code -  Enter a code for the account - 101.
   3. Account Type - Select an account type - Sales.
   4. Select Tax - Select tax types - CGST, GST.
7. Click Save.

Step 2: Linking a Sales Account to an Organization Record

Follow these steps to link a Sales Account to an Organization record:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Organizations. The Organizations module List View opens.
4. Click and open an Organization record (For example, Delta). The Summary View opens.
5. Click Edit.
6. Select the Sales Account field value as Trade.
7. Click Save.

Step 3: Auto-updating taxes with the Org Account Taxes Mode

Follow these steps to see how the taxes update automatically with the Org account taxes mode:

1. ​​Log in to the CRM.
2. Go to the main Menu.
3. Select Invoices under the Inventory app. The List View opens.
4. Open an Invoice record. The Summary View opens.
5. Click Edit.
6. Select an Organization record. For example, Delta.
7. Enter the following details in the Item Details block:
   1. Item Name: Select product or service items.
   2. Tax Mode: Select Org account taxes.

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Contact account taxes

You can link a Contact’s Sales Account to an Invoice record when the Contact account taxes mode is applied. The CRM automatically updates the values of the selected taxes for a Contact’s Sales Account during the invoice creation.

The following steps show how the taxes in the sales-related inventory modules are updated automatically when the Contact account taxes mode is enabled:

• Step 1: Setting up a Sales Account
• Step 2: Linking a Sales Account to a Contact
• Step 3: Auto-updating taxes with the Contact Account Taxes Mode

Step 1: Setting up a Sales Account in the Chart of Accounts Settings

Follow these steps to set up a Sales Account in the Chart of Accounts Add-on Settings:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Click Chart of Accounts under the Inventory section. The Chart of Accounts page opens.
5. Click + Add Account. The Add New Account window opens.
6. Add or select the information below:
   1. Account Name - Enter the account name.
   2. Account Code - Enter the account code.
   3. Account Type - Select the account type as Sales.
   4. Select Tax - Select the type of tax.
7. Click Save.

Step 2: Linking the Sales account to a Contact

Follow these steps to link a Sales Account to a Contact record:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Contacts under the Essentials app. The Contacts module List View opens.
4. Click and open a Contacts record. The Summary View opens.
5. Click Edit.
6. Enter a value in the Sales Account field.
7. Click Save.

Step 3: Auto-updating taxes with the Contact Account Taxes Mode

Follow these steps to see how the taxes update automatically with the Contact account taxes mode:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Invoices under the Inventory app. The List View opens.
4. Select and open an Invoice record. The Summary View opens.
5. Click Edit.
6. Select a related contact.
7. Enter the following details in the Item Details block:
   1. Item Name: Select product or service items.
   2. Tax Mode: Select Contact account taxes.

Item account taxes

You can link an Item’s Sales Account to an Invoice record when the Item account taxes mode is applied. The CRM automatically updates the values of the selected taxes for an Item’s Sales Account during the invoice creation.

The following steps show how the taxes in the sales-related inventory modules are updated automatically when the Item account taxes mode is enabled:

• Step 1: Setting up a Sales Account
• Step 2: Linking a Sales Account to an Item
• Step 3: Auto-updating taxes with the Item account taxes mode

Step 1: Setting up a Sales Account in the Chart of Accounts Add-on

Follow these steps to set up a sales account in the Chart of Accounts Add-on Settings:

1. Log in to the CRM.
2. Got to the main Menu.
3. Click Settings. The Settings page opens.
4. Click Chart of Accounts under the Inventory section. The Chart of Accounts page opens.
5. Click + Add Account. The Add New Account window opens.
6. Add or select the information below:
   1. Account Name - Enter the account name.
   2. Account Code - Enter the account code.
   3. Account Type - Select the account type.
   4. Select Tax - Select the type of tax.
7. Click Save.

Step 2: Linking a Sales Account to an Item

Follow these steps to link a Sales Account to an Item:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Products under the Inventory app. The List View opens.
4. Select and open a Product record. The Summary View opens.
5. Click Edit.
6. Enter a value in the Sales Account field.
7. Click Save.

Step 3: Auto-updating taxes with the Item account taxes mode

Follow these steps to see how the taxes update automatically with the Item account taxes mode:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Invoices under the Inventory app. The List View opens.
4. Click and open an Invoice record. The Summary View opens.
5. Click Edit.
6. Enter the following details in the Item Details block:
   1. Item Name: Select product or service items.
   2. Tax Mode: Select Item account taxes.

Note: The taxes derived from the related item’s (Product or Service) Sales Account are auto-filled in the Tax fields of the related invoice.

In sales-related inventory modules with the Chart of Accounts Tax Modes, deselecting an Organization, Contact, or Item displays the following error message: All line-item taxes will be recomputed using the selected related Inventory account tax mode.

For the purchase-related inventory modules, the CoA tax modes - Vendor account taxes, Contact account taxes, and Item account taxes automatically update the taxes in the respective modules.

Here, for instance, let us consider the Purchase Orders module to understand how tax gets automatically updated with the Purchase Account Taxes mode.

Note: You can use the Bills module for the same.

Vendor account taxes

You can link a Vendor’s Purchase Account to a Purchase Order record when the Vendor account taxes mode is applied. The CRM automatically updates the values of the selected taxes for a Vendor’s Purchase Account during Purchase Order creation.

The following steps show how the taxes in the purchase-related inventory modules are updated automatically with the Vendor account taxes mode:

• Step 1: Setting up a Purchase Account
• Step 2: Linking a Purchase Account to a Vendor record
• Step 3: Automated tax updation with Vendor account taxes

Step 1: Setting up a Purchase Account in the Chart of Accounts Settings

Follow these steps to set up a Purchase Account in the Chart of Accounts Add-on settings, considering the Purchase Account as Retail with Tax Types SGST and INP:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Click the Chart of Accounts under the Inventory section. The Chart of Accounts page opens.
5. Click + Add Account. The Add New Account window opens.
6. Enter or select the information below:
   1. Account Name - Enter a name for the account - Retail.
   2. Account Code -  Enter a code for the account - 102.
   3. Account Type - Select an account type - Purchases.
   4. Select Tax - Select tax types - SGST, INP.
7. Click Save.

Step 2: Linking a Purchase Account to a Vendor Record

Follow these steps to link a Purchase Account(Retail) to a Vendor(Global) record:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Vendors under the Inventory app. The List View opens.
4. Click and open a Vendor record. The Summary View opens.
5. Click Edit.
6. Enter a value in the Sales Account field.
7. Click Save.

Step 3: Auto-updating taxes with the Vendor account taxes mode

Follow these steps to see how the taxes update automatically with the Vendor account taxes mode:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Purchase Orders under the Inventory app. The List View opens.
4. Click and open a Purchase Order record. The Summary View opens.
5. Click Edit.
6. Select a related Deal.
7. Select Vendor Name as Retail.
8. Enter the following details in the Item Details block:
   1. Item Name: Select product or service items.
   2. Tax Mode: Select Contact account taxes.

Note: The SGST and INP taxes derived from the Vendor’s(Global) Purchase Account - Retail are auto-filled in the Tax fields of the related Purchase Order.

Contact account taxes

You can link a Contact’s Purchase Account to a Purchase Order record when the Contact account taxes mode is applied. The CRM automatically updates the values of the selected taxes for a Contact’s Purchase Account during the Purchase Order creation.

The following steps show how the taxes in the purchase-related inventory modules are updated automatically when the Contact account taxes mode is enabled:

• Step 1: Setting up a Purchase account
• Step 2: Linking a Purchase account to a Contact
• Step 3: Auto-updating taxes with the Contact account taxes mode

Step 1: Setting up a Purchase Account in the Chart of Accounts Settings

Follow these steps to set up a Purchase Account in the Chart of Accounts Add-on Settings:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Click Chart of Accounts under the Inventory section. The Chart of Accounts page opens.
5. Click + Add Account. The Add New Account window opens.
6. Add or select the information below:
   1. Account Name - Enter the account name.
   2. Account Code - Enter the account code.
   3. Account Type - Select the account type.
   4. Select Tax - Select the type of tax.
7. Click Save.

Step 2: Linking a Purchase Account to a Contact Record

Follow these steps to link a Purchase account to a Contact:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Contacts under the Essentials app. The Contacts module List View opens.
4. Click and open a Contacts record. The Summary View opens.
5. Click Edit.
6. Enter a value in the Purchase Account field.
7. Click Save.

Step 3: Auto-updating taxes with the Contact account taxes mode

Follow these steps to see how the taxes update automatically with the Contact account taxes mode:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Purchase Orders under the Inventory app. The List View opens.
4. Select and open a Purchase Order record. The Summary View opens.
5. Click Edit.
6. Select a related vendor.
7. Enter the following details in the Item Details block:
   1. Item Name: Select product or service items.
   2. Tax Mode: Select Contact account taxes.

Note: The taxes derived from the related Contact’s Purchase Account are auto-filled in the Tax fields of the related purchase order.

Item account taxes

You can link an Item’s Purchase Account to a Purchase Order record when the Item account taxes mode is applied. The CRM automatically updates the values of the selected taxes for an Item’s Purchase Account during the Purchase Order creation.

The following steps show how the taxes in the purchase-related inventory modules are updated automatically when the Item account taxes mode is enabled:

• Step 1: Setting up a Purchase Account
• Step 2: Linking a Purchase Account to an Item
• Step 3: Auto-updating taxes with the Item account taxes mode

Step 1: Setting up a Purchase Account in the Chart of Accounts Add-on

Follow these steps to set up a Purchase account in the Chart of Accounts Add-on Settings:

1. Log in to the CRM.
2. Got to the main Menu.
3. Click Settings. The Settings page opens.
4. Click Chart of Accounts under the Inventory section. The Chart of Accounts page opens.
5. Click + Add Account. The Add New Account window opens.
6. Add or select the information below:
   1. Account Name - Enter the account name.
   2. Account Code - Enter the account code.
   3. Account Type - Select the account type.
   4. Select Tax - Select the type of tax.
7. Click Save.

Step 2: Linking a Purchase Account to an Item

Follow these steps to link a Sales Account to an Item:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Products under the Inventory app. The List View opens.
4. Select and open a Product record. The Summary View opens.
5. Click Edit.
6. Enter a value in the Purchase Account field.
7. Click Save.

Step 3: Auto-updating taxes with the Item account taxes mode

Follow these steps to see how the taxes update automatically with the Item account taxes mode:

1. Log in to the CRM.
2. Go to the main Menu.
3. Select Purchase Order under the Inventory app. The List View opens.
4. Click and open a Purchase Order record. The Summary View opens.
5. Click Edit.
6. Enter the following details in the Item Details block:
   1. Item Name: Select product or service items.
   2. Tax Mode: Select Item account taxes.

Note: The taxes derived from the related item’s (Product or Service) Purchase Account are auto-filled in the Tax fields of the related Purchase Order.

In purchase-related inventory modules with the Chart of Accounts Tax Modes, deselecting a Vendor, Contact, or Item displays the following error message: All line-item taxes will be recomputed using the selected related Inventory account taxes.