Chart of Accounts (Balance Sheet Accounts)

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If you've yet to read our introduction to Chart of Accounts, be sure to do so here before getting started.

One of the easiest ways to review and edit your list of accounts is through the Control Panel > Accounting > Balance Sheet Accounts.

Create New Balance Sheet Accounts

1. Go to Control Panel.
2. Select Accounting > Balance Sheet Accounts.
3. Click on Add New button.
4. Fill in the details:

• • Type *: Type of the account
  • Currency *
    Note: Only Bank / Cash Equivalents and Credit Cards require you to specify currency, the rest of the accounts will be defaulted to your home currency.
  • Name *
  • Classification for Cash Flow Statement:
  • Code (Account code)
  • Description
  • Is sub-account? (tick if would like to make the account as a sub-account)
  • Parent / Header Account

5. Click on Save.

Update Balance Sheet Accounts

1. Go to Control Panel.
2. Select Accounting > Balance Sheet Accounts.
3. View the account you want to update by clicking View or click on drop-down next to View to edit.
4. Update the details:

• • Type *: Type of the account
  • Currency *
    Note: Only Bank / Cash Equivalents and Credit Cards require you to specify currency, the rest of the accounts will be defaulted to your home currency.
  • Name *
  • Classification for Cash Flow Statement:
  • Code (Account code)
  • Description
  • Is sub-account? (tick if would like to make the account as a sub-account)
  • Parent / Header Account

5. Click on Save.

Deactivate / Activate Balance Sheet Accounts

You can deactivate a balance sheet account if you no longer need to use it. Activate it back when you needed it again.

1. Go to Control Panel.
2. Select Accounting > Balance Sheet Accounts.
3. View the account by clicking View beside it.
4. Click on the Deactivate.
5. Click on Save to confirm.