Chart of Accounts

The Chart of Accounts is the list of ledger accounts used to track the financial information in your practice and produce financial reports. The Chart of Accounts is a way of coordinating all your expenses and income and getting a holistic view. The accounts are arranged into 5 groups: Assets, Liabilities, Equity, Income and Expenses.

Accounting requirements special note: The accounts described in this section are designed to assist you in managing your practice. SILQ does not warrant that information generated by the accounts will satisfy accounting, tax or reporting obligations. You must seek the independent advice of an accountant or other relevant advisor to ensure that you comply with any accounting, tax or reporting obligations.

To display the Chart of Accounts where you can view a list of ledger accounts to track financial information in your practice, do the following:

Click on Accounts in the Top Toolbar and then click on Chart of Accounts. This will take you into the Chart of Accounts screen. From here you can do a range of financial reporting transactions.

You can:

Allocate all money spent against both the correct account it should work against as well as the method used (such as credit card, cheque etc)
Allocate all monies coming into your practice so that you get a view of your cash flow as well as make sure that incoming revenue is being allocated against the correct accounts
Import your bank statements direct from your bank’s internet banking system, and reconcile on the spot