Designing your chart of accounts is one of the most important decisions you will make when you implement a new ERP system. The suitability of the chart of accounts to your organization greatly impacts the ease with which your can generate financial reports that meet your business requirements. It also impacts the accuracy of data entry and the clarity that employees and others have regarding the meaning, use, and differentiation of various accounts.
Don’t just blast through this step, thinking that you can fix it later. It never works out well. Am I being an uptight accountant? Maybe. But I’ve seen a lot of bad charts, and generally the owners of those charts tend to agree with there worth.