Set up your chart of accounts

1. Open the chart of accounts

Open Books › Chart of Accounts. Each account shows its Account No, Account Name, Type, Default Tax Code, whether it is Postable, its Cash Flow group and Header. Search by number or name.

2. Add an account

Click New Account:

• Account No (required) - unique. If it is taken, Exacc suggests the nearest free numbers. It cannot be changed later.
• Account Name (required) - as it should appear on reports.
• Account Type (required) - e.g. Current Assets, Current Liabilities, Equity, Income, Cost of Sales, Expenses. Assets and liabilities appear on the Balance Sheet, the rest on Profit & Loss.
• Default Tax Code (required) - filled in when the account is chosen on a line.
• Postable - for asset and liability accounts: tick it for bank and card accounts you pay from, so they appear in payment screens.
• Default Private Portion % - 0–99, for accounts partly used privately.
• Account Header, Cash Flow and Notes - grouping on reports and your own notes.

3. Change, copy or retire an account

Edit changes everything but the number. Clone starts a new account from this one. To stop using an account, edit it and untick Active: its history stays on your reports.

Delete is for accounts you added by mistake. It is refused for accounts set as a default in General Settings or linked to a bank feed; do not delete an account that has transactions.