Chart of Accounts

Your chart of accounts is the backbone of your bookkeeping - the complete list of every account your business uses to record financial transactions.

Default chart of accounts

When you create a workspace and select your industry, Udala pre-loads an industry-appropriate chart of accounts. For Nigerian businesses, this follows the IFRS-aligned account structure.

Account types

• Assets (1000–1999) - Cash, accounts receivable, inventory, fixed assets
• Liabilities (2000–2999) - Accounts payable, loans, VAT payable
• Equity (3000–3999) - Share capital, retained earnings
• Revenue (4000–4999) - Sales, service income, other income
• Expenses (5000–5999) - Salaries, rent, cost of goods sold

Adding accounts

Go to Finance → Chart of Accounts → New Account. Enter the account code, name, type and parent account. Sub-accounts roll up to their parent in reports.

Importing from another system

Go to Finance → Chart of Accounts → Import CSV. Download our template, populate it with your existing accounts, and upload. Udala maps columns automatically.