A chart of accounts (COA) is a list of the accounts used by an organization to define each class of items for which money or the equivalent is spent or received. It is used to organize the finances of the entity and to segregate expenditures, revenue, assets, and liabilities in order to give interested parties a better understanding of the financial health of the entity.
Every financial system starts with a COA and although the numbering might differ from country to country, we all have income statements and balance accounts.
Microsoft Dynamics NAV also has some other special accounts: Heading, Begin-Total, and End-Total accounts.
With these accounts, you can make the COA more readable. The accounts within the total accounts are automatically indented.
When creating a new posting account, there are several options to choose. Most of them are not mandatory but they make it easier to push the end users to using the correct account...