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Create a Dynamic Chart of Accounts in Accounting ERP Software

Accounting to manage the Chart of accounts is typically organized into major account categories, each assigned a unique account identifier or number. These categories include:

• Assets: Resources owned by the business (e.g., cash, inventory, accounts receivable).
• Liabilities: Obligations the business owes (e.g., loans, accounts payable).
• Equity: The owner’s stake in the company (e.g., retained earnings, common stock).