A Chart of Accounts in RakefetOnline is the backbone of your accounting system—it’s where every financial transaction is categorized, organized, and reported.

What is a Chart of Accounts?

In general accounting (and in RakefetOnline), a Chart of Accounts (COA) is a structured list of all your financial accounts—each with a name and number—used to track money coming in and going out. These accounts are grouped into standard categories like assets, liabilities, income, and expenses.

How this applies in RakefetOnline

In RakefetOnline, your Chart of Accounts is fully customizable but follows a structured numbering system to keep everything organized and easy to report on.

Typical Account Categories

Your accounts are generally grouped like this:

  • Assets – What your synagogue owns
    (Bank accounts, receivables, equipment)
  • Liabilities – What your synagogue owes
    (Payables, loans, deferred income)
  • Equity / Fund Balances – Net assets or restricted funds
  • Income (Revenue) – Money coming in
    (Membership dues, donations, event income)
  • Expenses – Money going out
    (Utilities, salaries, supplies, programming)

Rakefet Account Number Structure (Key Feature)

Rakefet uses a very specific numbering format to help you quickly identify account types:

  • Income & Expense accounts → 6-digit numbers
  • Bank accounts → start with “B” + 5 digits
  • Asset accounts → start with “A” + 5 digits
  • Liability accounts → start with “L” + 5 digits
  • Restricted accounts → start with “Q” + 5 digits

This structure makes reporting, filtering, and reconciliation much easier.

Where to Find It in RakefetOnline

To access your Chart of Accounts:

Setup → GL / Budget / Payables → Chart of Account

From there you can:

  • Add new accounts
  • Edit existing accounts
  • Change account numbers (using Change Account Numbers)
  • Organize your financial structure

Why It Matters (Especially for Synagogues)

A well-structured Chart of Accounts in RakefetOnline helps your congregation:

  • Keep clean, accurate financial records
  • Track restricted vs. unrestricted funds
  • Generate meaningful financial reports
  • Simplify bank reconciliation and audits
  • Maintain transparency for boards and members

Simple Example (Synagogue-Friendly)

  • B10000 – Checking Account
  • 400000 – Membership Dues Income
  • 410000 – Donations
  • 500000 – Office Supplies Expense
  • L10000 – Accounts Payable
  • Q20000 – Building Fund (Restricted)



To access your chart of accounts, go Setup--> GL/Budget/Payables and click on the menu Chart of Accounts:



In the chart of accounts screen you can query, update and create new accounts.


To add a new account, click +Add New Account

To query, set your filter and click Run Report

To refresh and start again, click Clear Filter


When creating an income or expense account, the account number should be 6 numeric digits.  Such as 012324 for 23-24 Membership.  When create a new Income, Expense, Asset or Liability account they should be linked to a Bank Account, which is identified in the add form as an Associated Account.




When creating a new bank account it would start with the letter B and then be followed with five numbers to make the entire account ID 6 digits, like B01000 for Checking.



When creating a new non cash asset account it would start with the letter A and then be followed with five numbers to make the entire account ID 6 digits, like A01000 for Building & Land.



 


When creating a new liability account it would start with the letter L and then be followed with five numbers to make the entire account ID 6 digits, like L01000 for Federal Withholding, a loan or PrePaid Dues.