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In Odoo 8.0,we used to have Parent Account field with the help of which we were able to maintain parent child relationship.But now version 9.0 does not have that feature. What should be done in order to maintain the parent child relationship?

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You may check this module https://www.odoo.com/apps/modules/10.0/account_parent/. It restores account hierarchy in v9 , v10. 

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Odoo accounting was undergoing a major rework in version 9.0. Please check the new documentation: https://www.odoo.com/documentation/user/9.0/accounting.html     
Now you should use tags instead of hierarchies.

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Hi Ermin,thanks for your valuable feedback.But I guess you are talking about Enterprise Edition. I would request you to kindly share any documentation for Community Edition.

No, not particularly. The main concepts are the same for both editions. As far as I know, the EE offers more standard reports and dashboards.

you may check and test this module . for v9 and v10 as well https://www.odoo.com/apps/modules/10.0/account_parent/