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. It helps you gain clarity into every organizational transaction, providing accurate financial and tax splits. It facilitates easier tax administration and analysis, reducing the complexity and hassle associated with numerous transactions.

CoA in Vtiger CRM

The Chart of Accounts (CoA) is an accounting add-on in Vtiger CRM. 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 Inventory Settings. 
With the CoA addon, you can set up different types of CRM accounts. It also enhances your tax management process by introducing additional tax modes. It helps you link and apply its tax modes to the Inventory modules, facilitating easier, automated tax updates. It links and syncs your Organization's, Vendor's, Contact's, and Product's Sales and Purchase account taxes with the Inventory modules. 

Note: Currently, the CoA syncs only with MYOB accounting. The sync is one-way, and you can import data from MYOB into your CRM. 

The CoA fields in the following modules automatically sync with related fields in MYOB:  

• Organization
• Vendor
• Contact
• Product
• Sales 
• Purchase

Key Features

The Key features are:

• You can:
  • Configure multiple types of CRM accounts.
  • Use the three additional tax modes added to the Default Tax modes.
  • 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 that have been added.

Benefits

• 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 CoA
• The CoA feature in Vtiger CRM
• The CoA tax modes for the sales transaction modules
• The CoA tax modes for the purchase transaction modules

Key Terminology

Installing the CoA Extension

To use CoA accounting in Vtiger CRM, Admin users must first install the Chart of Accounts extension. 

Follow these steps to install the Chart of Accounts extension: 

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

Chart of Accounts in Vtiger CRM

CoA allows you to add CRM accounts for the following types:

• Assets - Records purchase transactions for your business assets, such as equipment, vehicles, and buildings.
• Liabilities - Records your uncleared business debts such as loans, mortgages, lines of credit, etc.
• Income - Records sales transactions and payments you earn from your day-to-day businesses, such as income from rendered sales or services, etc.
• Expenses - Records purchase transactions for your business expenses, including operations, advertising, promotions, office supplies, rent, etc.
• Sales - Records all types of sales transactions for your business.
• Purchases - Records all types of purchase transactions for your business.

Follow these steps to add an account to the CoA:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Click Settings.
4. Click the Chart of Accounts under the Inventory section. You will be directed to the Chart of Accounts page.
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:

• You can edit and delete an account by clicking the Edit and Delete icon that appears when you hover your mouse over an account.
• You can delete an account only if it is not used in any sales or purchase transactions in CRM.

Chart of Accounts for CRM Modules

With the CoA, the following fields have been added to CRM modules:

• Sales Account and Purchase Account
• Sales Account
• Purchase Account

Sales Account and Purchase Account

The Sales Account and Purchase Account fields have been added under the Details and Basic Information sections in the Detailed View of the following module records:

• Contacts
• Organizations
• Products
• Services
• Vendors

Sales Account

The Sales Account field has been added under the Item Details section in the Detailed View of the following sales transaction module records:

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

Purchase Account

The Purchase Account field has been added under the Item Details section in the Detailed View of the following purchase transaction module records:

• Purchase Order
• Bills

Chart of Accounts in CRM Tax Management

With the CoA, the following tax modes are added to the Default Tax Modes in Tax Management:

• Org account taxes
  • Org account taxes for sales transaction modules: Org account taxes
    • Syncs taxes from the Sales account of an Organization linked with the sales transaction module records.
  • Org account taxes for purchase transaction modules: Vendor account taxes:
    • Syncs taxes from the Vendor's Purchase account linked to the purchase transaction module records.
  • Note: For purchase transaction modules, Org account taxes are renamed as Vendor account taxes as they involve transactions with vendors.
• Contact account taxes: Syncs taxes from the Sales and Purchase accounts of a Contact linked with sales and purchase transaction module records.
• Item account taxes: Syncs taxes from the Sales and Purchase accounts of an Item linked with sales and purchase transaction module records.

Note:
With the CoA, 

• The above default tax modes are added along with the already existing Group and Individual default tax modes.
• The default tax mode, Individual, is now called Individual (Item taxes).

Learning Chart of Accounts Tax Modes for CRM Modules 

With the Chart of Accounts (CoA), default tax modes from Organization, Contact's Item, and vendor accounts are automatically added to sales and purchase transactions. Sales modules include Credit Notes, Invoices, Quotes, Sales Orders, Subscriptions, and Work Orders, while purchase modules include Purchase Orders and Bills.

CoA Tax Modes for sales transaction modules

For the sales transaction modules, the CoA tax modes, Org account taxes, Contact account taxes, and Item account taxes auto-update the taxes of an Organization's, Contact's Item's Sales account, respectively.

Note: For instance, we have considered the Invoices module; you can go to any sales transaction module.

Org account taxes

Org account taxes lets you link an Organization's Sales account with an Invoice. It automatically updates the selected taxes for an Organization's Sales account when preparing an Invoice for an Item. 

Follow these steps to access Org account taxes:

• Step 1: Setting up a Sales account
• Step 2: Linking a Sales account to an Organization
• Step 3: Automated tax updation with Org account taxes

Step 1: Setting up a Sales account

Follow these steps to add a Sales account:

Note: For instance, we have considered the Sales account Trade with tax types CGST and GST.

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Click Settings.
4. Click the Chart of Accounts under the Inventory section. You will be directed to the Chart of Accounts page.
5. Click + Add Account. You will be directed to the Add New Account window.
6. Add or select the information below:
   1. Account Name - Trade
   2. Account Code - 101
   3. Account Type - Sales
   4. Select Tax - CGST, GST
7. Click Save.

Step 2: Linking a Sales account to an Organization

Follow these steps to link a Sales account to an Organization:

Note: For instance, we are linking the Sales account Trade for the Organization Delta.

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Click Organizations. The Organizations module List View opens.
4. Select an Organization record.
5. Edit the record and select the Sales Account field value as Trade.
6. Click Save.

Step 3: Automated tax updation with Org account taxes

Follow these steps for automated tax updation with Org account taxes:
​​

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Invoices under the Inventory tab. The Invoices module List View opens.
4. Edit an Invoice record and select the related lead record.
5. Enter the details below under the Item Details block:
   1. Select an Item.
   2. Select the Tax Mode Org account taxes.
   3. Under Tax, CGST, and GST taxes derived from Delta's Sales account Trade are auto-filled.

Contact account taxes

Contact account taxes lets you link a Contact's Sales account with an Invoice. It automatically updates the selected taxes for a Contact's Sales account when preparing an Invoice for an Item. 

Follow these steps to access the Contact account taxes:

• Step 1: Setting up a Sales account
• Step 2: Linking a Sales account to a Contact
• Step 3: Automated tax updation with Contact account taxes

Step 1: Setting up a Sales account

Follow these steps to add to a Sales account:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Click Settings.
4. Click Chart of Accounts under the Inventory section. You will be directed to the Chart of Accounts page.
5. Click + Add Account. You will be directed to the Add New Account window.
6. Add or select the information below:
   1. Account Name 
   2. Account Code 
   3. Account Type
   4. Select Tax 
7. Click Save.

Step 2: Linking the Sales account to a Contact

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

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Contacts under the Essentials app. The Contacts module List View opens.
4. Select and edit a Contact.
5. Select a Sales Account.

Step 3: Automated tax updation with Contact account taxes

Follow these steps for automated tax updation with Contact account taxes:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Invoices under the Inventory app.
4. Select and edit an Invoice.
5. Select a related contact.
6. Select the following under the Item Details block:
   1. An Item.
   2. The Tax Mode Contact account taxes.
   3. Under Tax, taxes derived from the Contact's Sales Account are auto-filled.

Item account taxes

Item account taxes lets you link an Item's Sales account with an Invoice. It automatically updates the taxes selected for an Item's Sales account when preparing an Invoice for that Item. 

Follow these steps to access Item account taxes:

• Step 1: Setting up a Sales account
• Step 2: Linking a Sales account to an Item
• Step 3: Automated tax updation with Item account taxes

Step 1: Setting up a Sales account and its taxes

Follow these steps to add a Sales account:

1. Log in to your CRM account.
2. Got to the Main Menu.
3. Click Settings.
4. Click Chart of Accounts under the Inventory section. You will be directed to the Chart of Accounts page.
5. Click + Add Account. You will be directed to the Add New Account window.
6. Add or select the information below:
   1. Account Name 
   2. Account Code 
   3. Account Type
   4. Select 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 your CRM account.
2. Go to the Main Menu.
3. Select Products under the Inventory app. The Products module List View opens.
4. Select a Product.
5. Under Product Details in the Sales Account field, select a sales account.

Step 3: Automated tax updation with Item account taxes

Follow these steps for automated tax updation with Item account taxes:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Invoices under the Inventory app.
4. Select an Invoice.
5. Select the following under the Item Details block:
   1. An Item.
   2. The Tax Mode Item account taxes.
   3. Under Tax, taxes derived from the Item's Sales account are auto-filled.

With this, we understand that for sales transaction modules, with Tax Modes Org account taxes, Contact account taxes, and Item account taxes selecting an Organization, Contact, and Item for an Invoice, Organizations', Contact's and Item's Sales account's taxes will by default be considered and displayed under Tax for the Invoice.

Note:
In Sales transaction modules with Tax Modes Org account taxes, Contact account taxes, and Item account taxes, deselecting an Organization, Contact, or Item for an Invoice displays the following error message: All line item taxes will be recomputed with the selected related Inventory account taxes.

CoA Tax Modes for purchase transaction modules

For the purchase transaction modules, the CoA tax modes, Vendor account taxes, Contact account taxes, and Item account taxes auto-update the taxes of a Vendor's, Contact's, and Item's Purchase account, respectively.

Note: For instance, we have considered the Purchase Orders module; you can also go to the Bills module.

Vendor account taxes

Vendor account taxes let you link a Vendor's Purchase account with a Purchase Order. It automatically updates the selected taxes for a Vendor's Purchase account when preparing a Purchase Order for an Item. 

Follow these steps to access the Vendor account Contact's

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

Step 1: Setting up a Purchase account

Follow these steps to add a Purchase account:

Note: For instance, we have considered the Purchase account Retail with tax types SGST and INP.

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Click Settings.
4. Click Chart of Accounts under the Inventory section. You will be directed to the Chart of Accounts page.
5. Click + Add Account. You will be directed to the Add New Account window.
6. Add or select the information below:
   1. Account Name - Retail
   2. Account Code - 102
   3. Account Type - Purchases
   4. Select Tax - SGST, INP
7. Click Save.

Step 2: Linking a Purchase Account to a Vendor

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

Note: For instance, we are linking the Purchase account Retail to the Vendor Global.

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Vendors under the Inventory app.
4. Select and edit a vendor record.
5. Select a purchase account in the Purchase Account field.

Step 3: Automated tax updation with Vendor account taxes

Follow these steps for automated tax updation with Vendor account taxes:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Purchase Orders under the Inventory app. The PO List View opens.
4. Select a Deal.
5. Select Vendor Name as Retail.
6. Select the following under the Item Details block:
   1. An Item.
   2. The Tax Mode Vendor account taxes. Under Tax, SGST and INP taxes derived from Global's Purchase account Retail are auto filled.

Contact account taxes

Contact account taxes lets you link a Contact's Purchase account with a Purchase Order. It automatically updates the taxes selected for a Contact's Purchase account when preparing a Purchase Order for an Item. 

Follow these steps to access the Contact account taxes:

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

Step 1: Setting up a Purchase account and its taxes

Follow these steps to add a Purchase account:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Click Settings.
4. Click Chart of Accounts under the Inventory section. You will be directed to the Chart of Accounts page.
5. Click + Add Account. You will be directed to the Add New Account window.
6. Add or select the information below:
   1. Account Name 
   2. Account Code 
   3. Account Type 
   4. Select Tax 
7. Click Save.

Step 2: Linking a Purchase account to a Contact

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

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Contacts under the Essentials app. The Contacts module List View opens.
4. Select and edit a Contact.
5. Select a Purchase account in the Purchase Account field.

Step 3: Automated tax updation with Contact account taxes

Follow these steps for automated tax updation with Contact account taxes:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Purchase Orders under the Inventory app. The PO List View opens.
4. Select a Purchase Order.
5. Select Vendor contact.
6. Select the following under Item Details:
   1. Select an Item.
   2. Select the Tax Mode Contact account taxes.
   3. Under Tax, taxes for a Contact's Purchase account are auto-filled.

Item account taxes

Item account taxes lets you link a Product's Purchase account with a Purchase Order. It automatically updates the taxes selected for an Item's Purchase account when preparing a Purchase Order for that Item. 

Follow these steps to access Item account taxes:

• Step 1: Setting up a Purchase account
• Step 2: Linking a Purchase account to an Item
• Step 3: Automated tax updation with Item account taxes

Step 1: Setting up a Purchase account and its taxes

Follow these steps to add a Purchase account:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Click Settings.
4. Click Chart of Accounts under the Inventory section. You will be directed to the Chart of Accounts page.
5. Click + Add Account. You will be directed to the Add New Account window.
6. Add or select the information below:
   1. Account Name 
   2. Account Code 
   3. Account Type 
   4. Select Tax 
7. Click Save.

Step 2: Linking a Purchase account to an Item

Follow these steps to link a Purchase account to an Item:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Products under the Inventory app. The Products module List View opens.
4. Select a Product.
5. Under Product Details in the Purchase Account field, select a purchase account.

Step 3: Automated tax updation with Item account taxes

Follow these steps for automated tax updation with Item account taxes:

1. Log in to your CRM account.
2. Go to the Main Menu.
3. Select Purchase Orders under the Inventory app. The PO module List View opens.
4. Select a Purchase Order.
5. Click Edit.
6. Select an item under the Item Details block.
7. Select the Tax Mode - Item account taxes.
8. Under Tax, taxes for an Item's Purchase account are auto-filled.