The Chart of Accounts is the blueprint of the accounts in your organization. The overall structure of your Chart of Accounts is based on a system of double-entry accounting that has become a standard all over the world to quantify how a company is doing financially. Chart of Accounts is a tree view of the names of the Accounts (Ledgers and Groups) that a Company requires to manage its books of accounts. Parsimony sets up a simple chart of accounts for each Company you create, but you can modify it according to your needs and legal requirements. For each company, Chart of Accounts signifies the way to classify the accounting entries, mostly based on statutory (tax, compliance to government regulations) requirements.