Chart of Accounts (Profit & Loss 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 > Profit and Loss Accounts.

Create New Profit & Loss Accounts

1. Go to Control Panel.
2. Select Accounting > Profit and Loss Accounts.
3. Click on Add New.
4. Fill in the details:
   • Type *: Type of the profit & loss account
   • Name *
   • Code (Account code)
   • Description
   • Job
   • Is sub-account? (Tick if would like to make the account as a sub-account)
   • Parent / Header Account

5. Click on Save.

Update Profit & Loss Accounts

1. Go to Control Panel.
2. Select Accounting > Profit and Loss Accounts. 
3. View the account you want to update by clicking View or click on drop-down to Edit.
4. Update the details:
   • Type *: Type of the category
   • Name *
   • Code (Account code)
   • Description
   • Job
   • Is sub-account? (Tick if would like to make the account as a sub-account)
   • Parent / Header Account

5. Click on Save.

Deactivate / Activate Profit & Loss Accounts

You can deactivate a Profit & Loss 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 > Profit & Loss Accounts.
3. View the profit & loss account by clicking View beside it.
4. Click on the Deactivate.
5. Click on Save to confirm.

Import Accounts / Categories

If you have a long list of balance sheet accounts and profit & loss accounts to be imported into the Chart of Accounts, you can always import the list in an Excel format with our template file.

1. Go to Control Panel.
2. Select Balance Sheet Accounts or Profit & Loss Accounts.

       3. Click on Import.

       4. Click on the template file link to download the template file.

      5. (Away from Financio)

• Open the template file and read the instructions stated on top
• Enter the balance sheet/ profit & loss accounts you wanted to import in the spreadsheet
• Save the file

     6. Click on Select file and upload the file you have created previously.

     7. Click on Continue.

     8. Review the list of balance sheet accounts and profit & loss accounts to import.

• • Uncheck the Import check box if you wanted to skip an item
  • Double-check the details
  • Type *
  • Name*
  • Description*
  • Currency*
    Note: Currency only applicable for accounts of type Bank / Cash Equivalentsor Credit Cards, the rest of the accounts and categories will default to home currency.
  • Code
  • Classification for Cash Flow Statement

Note on Importing Balance sheet/ Profit & Loss accounts

The following accounts will mostly be created by the system automatically; you should avoid importing accounts with similar functions.

     a) Account Receivables (All currencies)

     b) Account Payables (All currencies)

     c) Exchange Gain / Loss

     d) Discount Given

     e) Tax Accounts / Categories

• • Tax Control
  • Tax Suspense
  • Tax Expense

     f) Retained Earnings