Setting Up and Managing the Chart of Accounts (COA)

This guide walks you through configuring your fund’s Chart of Accounts (COA) in arkGL, including how to add, upload, edit, and delete accounts for use in journal entries and financial reporting.

Jump to a Section

• What You’ll Learn

• Who Can Use This Feature

• Before You Begin

• Step-by-Step: Adding a Chart of Accounts

• Step-by-Step: Editing or Deleting Accounts

• Field Reference Guide

• Best Practices

• FAQ

• Next Steps

What You’ll Learn

By the end of this guide, you’ll be able to:

• Set up a default COA or import a custom list

• Add new accounts manually or in bulk

• Configure required fields for financial reporting and journal entry posting

• Understand which fields can be edited and when

• Use the COA to support downstream processes like journal entries, GL reporting, and investor allocations

Who Can Use This Feature

This feature is available to:

• Ark Client Admin users

• Basic Admin users with appropriate fund access

Note: arkGL is available only on the full version of the Ark platform. Contact sales@arkpes.com or your fund administrator if it’s not yet enabled.

Before You Begin

Make sure the following is in place:

• A General Ledger has been created for the fund (see Getting Started with arkGL: Creating and Deleting General Ledgers)

• You’ve reviewed the option to use ark’s default account lists or upload your own

• You’ve gathered necessary account information (numbers, names, financial statement mappings, and attributes)

Each fund has one COA shared across all ledgers. Maintain consistency in naming, numbering, and mappings to support clean financial reporting.

Step-by-Step: Adding a Chart of Accounts

You can configure your Chart of Accounts in three ways:

Option 1: Import a Default Account List

1. Navigate to the fund’s Chart of Accounts (arkGL) section

2. Click + Add New

3. Choose Import Basic Accounts List or Import Advanced Accounts List

4. Click Save Accounts to finalize the import

Basic includes commonly used core accounts
Advanced includes detailed sub-accounts and reporting mappings

Option 2: Add Accounts Manually

1. Click + Add New > + New Account

2. Complete the required fields (see Field Reference Guide below)

3. Add any optional fields as needed

4. Click Save & Close

Option 3: Upload Accounts via Bulk Template

1. Click + Add New > Download Template

2. Fill out the CSV with required and optional fields

3. Save the file in CSV format

4. Click + Add New > Upload From Template

5. Upload the file and review the Upload History

If errors occur, the entire upload will fail. Download the error file to review and correct issues before re-uploading.

Step-by-Step: Editing or Deleting Accounts

Editing Accounts

1. Locate the account

2. Click the View icon

3. Make changes

4. Click Save & Close

Fields like Attribute and Account Name become locked once a journal entry is posted to the account.

Deleting Accounts

1. Select one or more accounts using the checkboxes

2. Click Delete (n)

3. Confirm the deletion

Accounts with posted entries cannot be deleted. Attempting to do so will result in an error.

Field Reference Guide

Required Fields

• Account Number: Unique, minimum of 3 digits

• Account Name: Unique within the GL, under 256 characters

• Attribute: Used for GL reporting

  • Assets – Balance Sheet

  • Liabilities – Balance Sheet

  • Partners Capital – Balance Sheet

  • Income – Income Statement

  • Expense – Income Statement

  • Gain/Loss – Income Statement

• FS Mapping: Connects to specific financial statements (required for GL reports)

Optional Fields

• Parent Account

• Description

• FS Display Name

• Ark Transaction Mapping

• Taxable Account (Y/N)

• Entity Required (Y/N)

Optional fields like “Entity Required” help enforce tagging on journal entries and improve GL reporting granularity.

Best Practices

• Use Ark’s default COA lists if you’re setting up for the first time or need a fast start

• Customize thoughtfully - FS Mappings and Attributes directly impact GL reporting

• Double-check your structure before posting journal entries, since edits may become restricted

• Name and number accounts clearly to support visibility in journal entries and reports

• Plan sub-accounts carefully so attributes align with their parent accounts

FAQ

Q: Why can’t I edit or delete an account?
If journal entries have been posted to the account, certain fields become locked, and the account cannot be deleted.

Next Steps

Now that your Chart of Accounts is in place:

• Learn how to add and manage journal entries in arkGL, either manually or in bulk

• Set up memo entities to tag transactions with banks, vendors, or other custom classifications

• Explore GL Reports to view financial activity across ledgers and accounts, learn more in this General Reports Overview guide

Need help? Reach out to support@arkpes.com