Chart of Accounts

Open Chart of Accounts

Overview

The Chart of Accounts (CoA) is the master list of all financial accounts used in a client’s double-entry ledger. Every transaction, bank import, invoice, and bill maps to one or more accounts in this hierarchy. Accounts are organised into five top-level types — Assets, Liabilities, Equity, Revenue, and Expenses — and can be nested up to four levels deep using parent-child relationships. Account numbers can be assigned to match the client’s existing numbering convention. Each account can also carry a GIFI code so the books map cleanly to the client’s T2 / T2125 tax return. New client files are pre-populated from a template (with GIFI codes already assigned); accounts can be added, renamed, or archived at any time.

What is a GIFI code?

The General Index of Financial Information (GIFI) is the CRA’s standardised chart of accounts (publication RC4088). Every line on a corporate (T2) or self-employment (T2125) return maps to a 4-digit GIFI code (1000–9999). Assigning a GIFI code to each account lets tax software import the trial balance and place each balance on the correct return line automatically — no manual remapping at year-end. Template and industry-seeded accounts come with sensible GIFI codes already; you only need to map accounts you add yourself.

The Chart of Accounts with type groupings, account numbers, balances, and sub-account indentation.

1. (1) Type sections — Assets, Liabilities, Equity, Revenue, Expenses collapsible groups
2. (2) Account number column — optional numbering for account identification
3. (3) Sub-account indentation — child accounts are visually nested under parents
4. (4) Balance column — current balance for each account
5. (5) Create Account button — add a new account to the hierarchy

Screen Layout

Toolbar (top): Search field, Type filter, Create Account button, and Import from Template button.

Account tree (centre): Accounts are displayed in an indented hierarchy grouped by account type. Each type section (Assets, Liabilities, etc.) can be collapsed. Click any account row to open its detail panel.

Account Types

Type	Normal Balance	Purpose
Asset	Debit	Resources owned by the business (cash, receivables, equipment)
Liability	Credit	Amounts owed to others (payables, loans, HST payable)
Equity	Credit	Owner’s interest in the business (retained earnings, share capital)
Revenue	Credit	Income from business activities
Expense	Debit	Costs incurred to generate revenue

UI Elements

Toolbar

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Search

Search by account name or account number. Matching accounts are highlighted in the tree; non-matching accounts are dimmed.

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Type Filter

Show only accounts of a selected type: All, Asset, Liability, Equity, Revenue, Expense.

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Missing GIFI only

When ticked, the tree shows only accounts that do not yet have a GIFI code mapped. Use it as a pre-flight check before exporting the trial balance to tax software — a clean list means every account will land on a return line.

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Create Account

Opens the New Account drawer.

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Import from Template

Opens the template selector. Available templates: Canadian Standard, Retail, Professional Services, Non-Profit, and Construction. Importing a template adds missing accounts without overwriting existing ones.

Account Tree Columns

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Account Number

Optional numeric identifier (e.g., 1100 for Cash, 4000 for Revenue). Displayed to the left of the account name. The numbering scheme is free-form — use whatever convention matches the client’s prior chart of accounts.

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Account Name

The name of the account as it appears in reports and transaction entry. Click to open the account detail panel.

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Type

The account type (Asset, Liability, Equity, Revenue, Expense). Set at creation and determines which section of the tree the account appears in.

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Sub-type

A more granular classification within the type. Examples: Current Asset, Fixed Asset, Current Liability, Long-term Liability, Operating Revenue, COGS, Operating Expense. Drives placement on financial statements.

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GIFI

The 4-digit CRA GIFI code mapped to this account (shown in a monospace font). Blank if no code is mapped yet. Drives the GIFI Summary report and the trial-balance export consumed by T2 / T2125 tax software.

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Balance

The current balance of the account. For parent accounts, this is the sum of all child account balances. The balance reflects the selected reporting date (defaults to today).

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Actions

Per-row actions: Edit, Add Sub-Account, View Transactions, Delete (only available if the account has no posted transactions), Archive.

Actions

Create an Account

1. Click Create Account in the toolbar. The New Account drawer opens.
2. Select the Account Type: Asset, Liability, Equity, Revenue, or Expense.
3. Select the Sub-type appropriate for this account (e.g., Current Asset, Operating Expense).
4. Enter the Account Name.
5. Optionally enter an Account Number.
6. To make this a sub-account, select a Parent Account from the dropdown. The account will be nested under the parent in the hierarchy.
7. For GST/HST accounts, set the Tax Type field to indicate whether this account collects or pays GST/HST.
8. Optionally set the GIFI Code. Start typing a code or a description to search the bundled CRA RC4088 list, then pick the matching line — the picker is pre-biased toward the GIFI section that fits the account type you chose. Codes must be 4 digits (1000–9999); leaving it blank simply means “no GIFI mapped”.
9. Click Save Account. The account appears in the tree immediately and is available in all transaction entry screens.

Edit an Account

1. Click ⋯ → Edit on the account row, or click the account name and then Edit in the detail panel.
2. Update the name, number, sub-type, parent account, or GIFI Code.
3. The account type (Asset/Liability/Equity/Revenue/Expense) cannot be changed after transactions have been posted to the account.
4. If you enter a GIFI code that is not in the bundled CRA list, the field accepts it but flags it with a warning — verify it against RC4088 before relying on it for a tax export.
5. Click Save Changes.

Add a Sub-Account

1. Click ⋯ → Add Sub-Account on the parent account row.
2. The New Account drawer opens with the parent account pre-selected.
3. Complete the remaining fields and click Save Account.

Delete an Account

An account can only be deleted if it has no posted transactions and no sub-accounts.

1. Click ⋯ → Delete on the account row.
2. If transactions exist, the option is disabled. Archive the account instead to hide it from future transaction entry.
3. Confirm deletion in the dialogue.

Archive an Account

Archiving hides an account from all transaction entry dropdowns without deleting historical balances. The account still appears in reports for periods when it had activity.

1. Click ⋯ → Archive on the account row.
2. Confirm. The account is greyed out in the tree and removed from transaction entry pickers.
3. To restore, click ⋯ → Unarchive.

Related

• Bank Transactions — Assign transactions to chart-of-accounts categories
• Journal Entries — Post manual debits and credits to any account
• Reconciliation — Match bank accounts to ledger balances
• Reports — General Ledger and Trial Balance reports use this hierarchy