Introduction

What is the Chart of Accounts?
Chart of Accounts (CoA) is a methodical and systematic documentation of financial accounting transactions such as sales, purchases, assets, income, etc for an organization. It helps you gain clarity on every organizational transaction providing accurate finance and tax split-ups. It facilitates easier tax administration and analysis reducing the complications and hassle for multitudinous transactions.

What is the CoA in Vtiger CRM?

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 bringing about additional tax modes. It helps you link and apply its tax modes for Inventory modules facilitating easier and automated tax updation. It links and syncs your Organization’s, Vendor’s, Contact’s and Product’s Sales and Purchase account taxes with Inventory modules. 

Currently, the CoA syncs with MYOB accounting only. 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

With the CoA, you can:

• Configure multiple types of CRM accounts.
• Use the three additional tax modes that have been added to the Default Tax modes.
• Automatically sync Inventory modules with the Sales and Purchase account’s taxes of related Organizations, Vendors, Contacts and Products.
• Use the Sales and Purchase account fields that have been added .

Benefits of Chart of Accounts

• 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
  • For Inventory Settings 
  • For Inventory modules
  • For Tax Management
• The CoA tax modes for sales transaction modules
  • Org account taxes
  • Contact account taxes
  • Item account taxes
• The CoA tax modes for purchase transaction modules
  • Vendor account taxes
  • Contact account taxes
  • Item account taxes

Feature Availability

Click here for the availability of the Chart of Accounts for different editions of Vtiger CRM.

Key Terminology 

Installing the CoA Extension

To use CoA accounting with Vtiger CRM, Admin users need to first install the Chart Of Accounts extension. 

Follow these steps to install the Chart Of Accounts extension: 

1. Log into your CRM account.
2. Click the User Menu.
3. Click Add-ons on the bottom left corner of the screen.

Or

3. Click Settings.
4. Look for Extensions.
5. Click Extension Store.
6. Look for the Chart Of Accounts extension.
7. Click Install.
8. Click Yes to confirm the installation.

Once you have installed it successfully, CoA will be visible under Settings > Inventory.

Chart of Accounts in Vtiger CRM

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

1. Sales
2. Purchases
3. Assets
4. Liabilities
5. Income
6. Expenses

Follow these steps to add an account to the CoA:

1. Log into your CRM account.
2. Click the User Menu.
3. Click Settings.
4. Look for Inventory.
5. Click Chart of Accounts. You will be directed to the Chart Of Accounts page.
6. Click + Add Account button. You will be directed to the Add New Account window.
7. Enter or select the below information:

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

8. Click Save.

You have now successfully added an account to the CoA.

Chart of Accounts for CRM Modules

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

1. Sales Account and Purchase Account
2. Sales Account
3. 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:

1. Contacts
2. Organizations
3. Products
4. Services
5. Vendors

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

1. Credit Notes
2. Invoices
3. Quotes
4. Sales Orders
5. Subscription
6. Work Orders

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

1. Purchase Order
2. Bills

Chart of Accounts in CRM Tax Management

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

1. Org account taxes
2. Contact account taxes
3. Item account taxes

1. Org account taxes for sales transaction modules:

Org account taxes:

Syncs taxes from the Sales account of an Organization linked with sales transaction module records.

2. Org account taxes for purchase transaction modules:

Vendor account taxes:

Syncs taxes from the Purchase account of a Vendor linked with purchase transaction module records.

Note: For purchase transaction modules, Org account taxes is renamed as Vendor account taxes as they involve transactions with vendors.

Learning Chart of Accounts Tax Modes for CRM Modules 

With the CoA, the default tax modes:

• Org account taxes
• Contact account taxes
• Item account taxes

Are added as Tax Modes for the following sales transaction modules:  

1. Credit Notes
2. Invoices
3. Quotes
4. Sales Orders
5. Subscription
6. Work Orders

With the CoA, the default tax modes:

• Vendor account taxes
• Contact account taxes
• Item account taxes

Are added as Tax Modes for the following purchase transaction modules:  

1. Purchase Orders
2. Bills 

Let us now look into each of the CoA tax modes for sales and purchase transaction modules.

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, and 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 auto-updates the taxes chosen for an Organization’s Sales account while 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 into your CRM account.
2. Click the User Menu.
3. Click Settings.
4. Look for Inventory.
5. Click Chart of Accounts.
6. You will be directed to the Chart Of Accounts page.
7. Click + Add Account button.
8. You will be directed to the Add New Account window.
9. Add or select the below information:

1. Account Name - Trade
2. Account Code - 101
3. Account Type - Sales
4. Select Tax - CGST, GST

10. Click Save.

You have now successfully added Trade with tax types CGST and GST.

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. Login to your CRM account.
2. Click the User Menu.
3. Look for Lead & Contact Management.
4. Select Organizations. 
5. Select Delta.
6. Under Organization Details in the Sales Account field, select Trade.

You have now successfully linked Trade as Delta’s Sales account.

Step 3: Automated tax updation with Org account taxes

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

1. Login to your CRM account.
2. Click the User Menu.
3. Click Inventory.
4. Look for Order Fulfillment.
5. Select Invoices. 
6. Select Lead.
7. Under Invoice Details in the Organization Name field, select Delta.

8. Under Item Details:

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.

With CoA, Org account taxes has now successfully auto filled Delta’s Sales account Trade’s taxes for Lead.

Contact account taxes

Contact account taxes lets you link a Contact’s Sales account with an Invoice. It auto-updates the taxes chosen for a Contact’s Sales account while preparing an Invoice for an Item. 

Follow these steps to access 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 into your CRM account.
2. Click the User Menu.
3. Click Settings.
4. Look for Inventory.
5. Click Chart of Accounts.
6. You will be directed to the Chart Of Accounts page.
7. Click + Add Account button.
8. You will be directed to the Add New Account window.
9. Add or select the below information:

1. Account Name 
2. Account Code 
3. Account Type
4. Select Tax 

10. Click Save.

You have now successfully added a Sales account.

Step 2 : Linking Sales account to a Contact

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

1. Login to your CRM account.
2. Click the User Menu.
3. Click Essentials.
4. Look for Lead & Contact Management.
5. Select Contacts. 
6. Select a Contact.
7. Under Basic Information in the Sales Account field select a Sales account.

You have now successfully linked a Sales account to a Contact.

Step 3: Automated tax updation with Contact account taxes

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

1. Login to your CRM account.

2. Click the User Menu.
3. Click Inventory.
4. Look for Order Fulfillment.
5. Select Invoices. 
6. Select an Invoice.
7. Under Invoice Details in the Contact Name field select a Contact.
8. Under Item Details:

1. Select an Item.
2. Select the Tax Mode Contact account taxes.
3. Under Tax, taxes derived from the Contact’s Sales Account are auto filled.

With CoA, Contact account taxes has now successfully auto filled a Contact's Sales account taxes for an Invoice.

Item account taxes

Item account taxes lets you link an Item’s Sales account with an Invoice. It auto-updates the taxes chosen for an Item’s Sales account while preparing an Invoice for an 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 into your CRM account.

2. Click the User Menu.
3. Click Settings.
4. Look for Inventory.
5. Click Chart of Accounts.
6. You will be directed to the Chart Of Accounts page.
7. Click + Add Account button.
8. You will be directed to the Add New Account window.
9. Add or select the below information:

1. Account Name 
2. Account Code 
3. Account Type
4. Select Tax 

10. Click Save.

You have now successfully added a Sales account.

Step 2: Linking a Sales account to an Item

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

1. Login to your CRM account.
2. Click the User Menu.
3. Click Inventory.
4. Look for Catalog.
5. Select Products. 
6. Select a Product.
7. Under Product Details in the Sales Account field select a Sales account.

You have now successfully linked a Sales account to an Item.

Step 3: Automated tax updation with Item account taxes

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

1. Login to your CRM account.

2. Click the User Menu.
3. Click Inventory.
4. Look for Order Fulfillment.
5. Select Invoices. 
6. Select an Invoice.
7. Under Item Details, 

1. Select an Item.
2. Select the Tax Mode Item account taxes.
3. Under Tax, taxes derived from the Item’s Sales account are auto filled.

With the CoA, Item account taxes has now successfully auto filled an Item’s Sales account taxes for an Invoice.

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 the Organization’s, Contact’s and Item’s Sales account’s taxes will by default be considered and displayed under Tax for the Invoice.

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 lets you link a Vendor’s Purchase account with a Purchase Order. It auto-updates the taxes chosen for a Vendor’s Purchase account while preparing a Purchase Order for an Item. 

Follow these steps to access Vendor account taxes:

• Step 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 into your CRM account.
2. Click the User Menu.
3. Click Settings.
4. Look for Inventory.
5. Click Chart of Accounts.
6. You will be directed to the Chart Of Accounts page.
7. Click + Add Account button.
8. You will be directed to the Add New Account window.
9. Add or select the below information:

1. Account Name - Retail
2. Account Code - 102
3. Account Type - Purchases
4. Select Tax - SGST, INP

10. Click Save.

You have now successfully added Retail with tax types SGST and INP.

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. Login to your CRM account.
2. Click the User Menu.
3. Click Inventory.
4. Look for Order Fulfillment.
5. Select Vendors. 
6. Select Global.
7. Under Vendor Details in the Purchase Account field, select Retail.

You have now successfully added Retail as Global’s Purchase account.

Step 3: Automated tax updation with Vendor account taxes

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

1. Login to your CRM account.
2. Click the User Menu.
3. Click Inventory.
4. Look for Order Fulfillment.
5. Select Purchase Orders. 
6. Select Deal.
7. Under Purchase Order Details in the Vendor Name field, select Retail.

8. Under Item Details:

1. Select an Item.
2. Select the Tax Mode Vendor account taxes.
3. Under Tax, SGST and INP taxes derived from Global’s Purchase account Retail are auto filled.

With the CoA, Vendor account taxes has now successfully auto filled Global’s Purchase account Reatil’s taxes for Deal.

Contact account taxes

Contact account taxes lets you link a Contact’s Purchase account with a Purchase Order. It auto updates the taxes chosen for a Contact’s Purchase account while preparing a Purchase Order for an Item. 

Follow these steps to access 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 into your CRM account.
2. Click the User Menu.
3. Click Settings.
4. Look for Inventory.
5. Click Chart of Accounts.
6. You will be directed to the Chart Of Accounts page.
7. Click + Add Account button.
8. You will be directed to the Add New Account window.
9. Add or select the below information:

1. Account Name 
2. Account Code 
3. Account Type 
4. Select Tax 

10. Click Save.

You have now successfully added a Purchase account.

Step 2: Linking a Purchase account to a Contact

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

1. Login to your CRM account.
2. Click the User Menu.
3. Click Essentials.
4. Look for Lead & Contact Management.
5. Select Contacts. 
6. Select a Contact.
7. Under Basic Information in the Purchase Account field, select a Purchase account.

You have now successfully linked a Purchase account to a Contact

Step 3: Automated tax updation with Contact account taxes

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

1. Login to your CRM account.
2. Click the User Menu.
3. Click Inventory.
4. Look for Order Fulfillment.
5. Select Purchase Orders. 
6. Select a Purchase Order.
7. Under Purchase Order Details in the Vendor Name field, select a Contact.
8. 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.

With the CoA, Contact account taxes has now successfully auto filled a Contact’s Purchase account taxes for a Purchase Order.

Item account taxes

Item account taxes lets you link a Product’s Purchase account with a Purchase Order. It auto updates the taxes chosen for an Item’s Purchase account while preparing a Purchase Order for an 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 into your CRM account.
2. Click the User Menu.
3. Click Settings.
4. Look for Inventory.
5. Click Chart of Accounts.
6. You will be directed to the Chart Of Accounts page.
7. Click + Add Account button.
8. You will be directed to the Add New Account window.
9. Add or select the below information:

1. Account Name 
2. Account Code 
3. Account Type 
4. Select Tax 

10. Click Save.

You have now successfully added a Purchase account.

Step 2: Linking a Purchase account to an Item

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

1. Login to your CRM account.
2. Click the User Menu.
3. Click Inventory.
4. Look for Catalog.
5. Select Products. 
6. Select a Product.
7. Under Product Details in the Purchase Account field, select a Purchase account.

You have now successfully linked a Purchase account to an Item.

Step 3: Automated tax updation with Item account taxes

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

1. Login to your CRM account.
2. Click the User Menu.
3. Click Inventory.
4. Look for Order Fulfillment.
5. Select Purchase Orders. 
6. Select a Purchase Order.
7. Under Item Details

1. Select an Item.
2. Select the Tax Mode Item account taxes.
3. Under Tax, taxes for an Item’s Purchase account are auto filled.

With the CoA, Item account taxes has now successfully auto filled an Items Purchase account taxes for a Purchase Order.

With this, we understand that for purchase transaction modules, with Tax Modes Vendor account taxes, Contact account taxes and Item account taxes, selecting a Vendor, Contact and Item for a Purchase Order the Vendor’s, Contact’s and Item’s Purchase account’s taxes will by default be considered and displayed under Tax for the Purchase Order.