Chart of Accounts for MYOB

What Is a Chart of Accounts?

A Chart of Accounts is the master list of every financial account used by your business to categorize and report transactions. In MYOB, your Chart of Accounts is the foundation of your entire bookkeeping system — it controls how transactions flow into your Profit & Loss statement, Balance Sheet, and every other financial report. Each account has a unique number and belongs to one of six classifications: Asset, Liability, Equity, Income, Cost of Sales, or Expense.

MYOB uses a distinctive account numbering system with a classification prefix followed by a four-digit account number, separated by a hyphen. For example, "1-0000" is an asset account, "4-0000" is an income account, and "6-0000" is an expense account. This numbering convention makes it easy to identify what type of account you're working with at a glance and keeps your Chart of Accounts naturally organized by classification.

Setting up your Chart of Accounts correctly from the start is crucial because MYOB uses it for everything — from recording daily transactions to preparing your Business Activity Statement (BAS) and annual tax returns. A poorly structured chart leads to confusing reports, difficulty tracking specific expenses, and extra work at tax time. Our generator creates MYOB-compatible files that follow these conventions automatically, so you can get started with a professional Chart of Accounts in minutes rather than hours.