Manage the Chart of Accounts

This article helps you set up your Chart of Accounts so you can keep your company’s financial information organized and easy to understand. A well-structured Chart of Accounts makes it simple to track assets, liabilities, income, and expenses, and helps your team record transactions consistently.

Create a New Account

To create a new account:

1. Go to Accounting in the left menu and select Chart of Accounts.

2. Click New Account.

1. Fill in the required fields:

• Name: Write a simple, clear name for the account.

• Account Type: Choose the main category the account belongs to:

  • Asset

  • Liability

  • Equity

  • Income

  • Expense

• Detail Type: Select the more specific category inside the main account type.

• Sub-detail Type: Choose the option that best describes the account’s purpose. Examples include:

  • Other Receivables: Money owed to you outside normal sales.

  • Inventory: Items your business keeps to sell.

  • Bank: Cash in your checking or savings accounts.

  • Prepaids: Expenses you paid in advance.

  • Accounts Receivable: Customer invoices that haven’t been paid yet.

• (Optional) Classifier/Suffix: Add a 3-character code for extra reporting detail (e.g., 001 = Chicago, 002 = SF).

• (Optional) Description: Add a short note to explain the purpose of the account.

1. Click Create Account to finish.

Mark an Account as Inactive

To mark an account as inactive:

1. Click the three dots next to the account you want to deactivate.

2. Select Mark as inactive. (Note: accounts with a balance cannot be inactivated.)

3. To reactivate it, open the Inactive tab and select Mark as active.

Edit an Existing Account

To edit an existing account:

1. Click the edit icon next to the account.

2. Update any of the fields:

   • Name

   • Account Type

   • Detail Type

   • Sub-detail Type

   • Classifier/Suffix

3. Click Save Account to apply your changes.

A well-organized Chart of Accounts makes daily bookkeeping easier and ensures clean, reliable financial reporting. Setting it up carefully now saves time and prevents confusion later.

See also

To understand more about accounting configuration, you can check:

• Customize the Chart of Accounts Structure: Guide to modifying the numbering scheme, hierarchical setup, and custom reporting expense buckets

• Handle Reconciliations: Comprehensive guide covering the setup and processing of bank reconciliation for all supported account types, including bank accounts, credit cards, loans, and other balance-sheet accounts.