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Chart - list of a/c names. it is not a collection of accounts.
Ledger - a ledger is a collection of accounts for a particular chart
Account - is a list of transactions with a balance

top level chart - GL
all rest are subsidiary charts - must mention the a/c name in the master chart (GL).

example:
chart - GL, any subsidiary ledger
Ledger - 

PL is seperate and the closing a/c is mentioned in the top of the chart
if the PL is not separate and is in the GL, then we need to put the closing a/c code against each a/c

If the PL is in the GL, and you forget to put the closing a/c code, then at the start of the new year, you need to pass an OPENING BALANCE journal to pass it to the GL - and this does not show in the concerned PL account.

OPENING BALANCE journal breaks the principle of audidability as it creates no transactions, but the auditors are fine with this as they can easily trace any fraud comparing the opening balance ot last years balance.

Multicompany - the GL and the base currency of the new company should be the same