Understanding your chart of accounts

Your chart of accounts is the list of every account your books are organised into. Think of it as the set of labelled buckets your money is sorted into. Every invoice, payment, and bill lands in one of these accounts, and that is what makes your reports add up.

When you turn on your books, IzzyTap creates a sensible UAE starter set for you. You do not have to build it yourself.

Open your chart of accounts

1. Log in to your workspace.
2. In the left menu, under Finance, click Your Accounts.
3. In the accounting menu, under Bookkeeping, click Chart of accounts.

How the page is laid out

Your accounts are grouped into five sections, each with a plain-English name and the formal accounting name beside it:

• What you own (Assets). Your bank accounts, petty cash, and money clients owe you.
• What you owe (Liabilities). Money you owe suppliers, and VAT you owe the FTA.
• Owner's stake (Equity). What the business is worth to its owners.
• Income. The money your firm earns.
• Expenses. What it costs to run the firm.

Each section is a small table with three columns:

• Code. A short number for the account. Codes keep the accounts in a tidy, standard order.
• Account. The name of the account.
• Type. Which of the five groups it belongs to.

Tags you may see

• A Bank / cash tag marks an account that is one of your real bank accounts or cash floats.
• An Inactive tag marks an account that is no longer in use but is kept for history.

How this connects to your reports

The chart of accounts is the backbone of every report. The account types feed straight into your statements:

• Income and Expenses accounts build your Profit and Loss.
• What you own, What you owe, and Owner's stake accounts build your Balance Sheet.
• Every account with a balance appears on your Trial Balance.