A standard chart of accounts is a formal list of the accounts used in the general ledger of a business. When a business acquires another company, the new subsidiary always has a chart of accounts that differs from that of the acquirer.If the acquirer does not impose its own chart of accounts on the acquiree, it must go through a mapping process at the end of each reporting period to determine When it comes to implementing an Enterprise Resource Planning (ERP) system (whether it’s Microsoft Dynamics GP (Great Plains), Microsoft Dynamics NAV (Navision) or any other ERP), the critical element to consider in a roll out is the Chart of Accounts.. Without a well-designed Chart of Accounts you run the risk of investing significant resources into a system without delivering the pay-off By Stephen L. Nelson . The QuickBooks 2019 Chart of Accounts list is a list of accounts that you use to categorize your income, expenses, assets, liabilities, and owner’s equity amounts. If you want to see a particular line item of financial data on a report, you need an account for that line item. If you want to budget by a particular line item, you need an account for that budget amount.