Accounting
What is Chart of Accounts?
A chart of accounts (COA) is an organized index of all financial accounts in a company's general ledger, used to categorize every transaction and produce financial statements.
Explanation
The COA defines the structure of a company's financial reporting — every transaction must be coded to the right account. In manual accounting workflows, staff must know the COA well enough to assign the correct code to each transaction. This is both time-consuming and error-prone, particularly for high-volume processing or when staff turnover introduces inconsistency. AI-based GL coding automates this by learning which accounts apply to which types of transactions based on vendor, description, amount, and historical data. Consistent coding improves financial reporting accuracy and reduces the time spent on month-end reclassifications.
How Rima relates
When setting up Blueprints, you can include your chart of accounts so Rima automatically assigns the correct GL codes to extracted transactions.
Learn about accounting automationRelated Terms
General Ledger (GL)
The master record of all financial transactions in a business, organized by account.
Journal Entry
A record of a financial transaction in the accounting system, showing which accounts are debited and credited.
ERP Data Entry
The manual process of entering transaction data from source documents into an ERP system.
See it in action
Rima automates the manual document workflows accounting teams spend hours on every week.