A Chart of accounts is a list of all accounts tracked by a single accounting system, and should be designed to capture financial information to make good financial decisions. Each account in the chart is assigned
Chartfields are the individual fields that comprise the accounting structure. These fields are used to classify accounting transactions created in subsytems or entered directly into the General Ledger.
Each chartfield provides key information related to the transaction
It is important that each Chartfield capture a single concept related to the transaction