Chart of Accounts is an Add-on that can be downloaded from the Extension Store. It will be available through the Inventory module. Once installed, the following account types will appear on the Chart of Accounts Settings page:
- Sales
- Purchases & Assets
- Financial statements include liabilities, expenses, and income.
The Chart of Accounts for Sales and Purchase accounts can be selected using a picklist field with a drop-down menu.
When you create an invoice for a product, the Record Sales Account field will show your specified Chart of Accounts. The Sales Account field will auto-fill using the account specified in the Item Details.