Post by MS INYOFU (@theconscience)

Understanding the Chart of Accounts (COA)

A clean Chart of Accounts is the backbone of accurate reporting. Every business should classify accounts under Assets, Liabilities, Equity, Income, and Expenses. Within each group, create logical parent–child categories. Example: “Expenses, Admin Expenses, Stationery.” This structure ensures clarity, simplifies posting, and makes financial statements easier to interpret.

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