Welcome to the AuxWall Gym Application!

In this tutorial, we will guide you through the Chart of Accounts and explain why it’s essential.

Why Add a Chart of Accounts?

The Chart of Accounts is the foundation of your financial organization. It categorizes transactions clearly, making it easy to report on your Balance Sheet and Profit and Loss Statement. These reports are crucial for understanding your gym’s financial health.

Step 1: Accessing the Chart of Accounts

1. A. Go to the Accounts Tab in the Dashboard.
2. B. Click on the Chart of Accounts Tab.

Step 2: Understanding the Chart of Accounts

The Chart of Accounts has two main categories: Balance Sheet and Profit and Loss Account. Each category has its own subcategories.

Balance Sheet

The Balance Sheet includes two main sections:

• Assets: View sub-accounts like Cash, Bank, Inventory, etc., under Current Assets.
• Liabilities: Track accounts for loans, outstanding expenses, and other liabilities.

To view sub-accounts, click the + icon on the left of each parent account. To add a new sub-account, click the + icon on the right of the parent account.

Profit and Loss Account

The Profit and Loss Account includes two main sections:

• Income: Add revenue accounts like Gym Membership, Personal Training, or Kickboxing.
• Expenses: Create accounts to track costs related to operating your gym.

Similar to the Balance Sheet, click the + icons on the left to expand sections or on the right to add new accounts.

Conclusion

Thank you for following this tutorial on the Chart of Accounts! By organizing your financial data, you can ensure better financial management and reporting for your gym. If you have any questions or need further assistance, please reach out.