Every financial transaction in posflect — a sale, a return, a shift close, an expense, a purchase order — ultimately posts into the chart of accounts, the master list of accounting "buckets" that make up your books. Each account has a code (like 1010), a name, and one of five types: asset, liability, equity, revenue, or expense. Accounts nest under a parent for readability, so "1000 Assets" can hold children like "1010 Cash on Hand" or "1020 Bank Account".
A starter chart of accounts is set up automatically for every new business. Some accounts — cash, bank, card clearing, wallet liability, voucher liability, tax payable, sales revenue, discounts, returns, and inventory — are wired into the system's automatic posting engine, so it always knows which account to debit or credit on a sale, even if you rename them. Those system-linked accounts can't be deleted; every other account is fully yours to rename, deactivate, or extend.
Key capabilities
- Organize accounts into a parent/child tree under the five standard account types
- System-linked accounts (cash, bank, card clearing, tax payable, sales revenue, and more) drive automatic bookkeeping behind every sale, return, and expense
- Add, rename, or deactivate your own accounts without breaking automated postings
- Every account feeds directly into the Trial Balance, Income Statement, and Balance Sheet reports