Set Up Chart of Accounts

Create and organize the accounts your business uses for recording financial transactions. Each account has a type, code, and normal balance that determines how it appears on your financial statements.

Steps

1. Go to Financial → Accounts in the sidebar.
2. Select your Business from the dropdown.
3. Click New Account.
4. Fill in the account details:
   • Code — a unique identifier (e.g., 1000 for Cash, 2000 for Accounts Payable).
   • Name — a descriptive label for the account.
   • Type — choose from Asset, Liability, Equity, Revenue, or Expense.
   • Normal Balance — select Debit or Credit based on the account type.
   • Parent Account (optional) — nest this account under an existing one for hierarchical reporting.
   • Description (optional) — add context about when this account should be used.
5. Click Create Account.

Tips

• Asset and Expense accounts normally have Debit balances.
• Liability, Equity, and Revenue accounts normally have Credit balances.
• Use parent accounts to group related accounts (e.g., group all bank accounts under a "Cash & Bank" parent).
• Account codes are sortable — use a consistent numbering scheme (1000s for assets, 2000s for liabilities, etc.).