The chart of accounts is a list of all of your company’s accounts and balances.
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When you create your Business in TrulySmall Accounting, we create your standardized Chart of Accounts (COA) for you. This feature pre-classifies your transactions based on the tax structure required by your country's regulatory rules. Although they are optional when creating your business in TrulySmall Accounting, it is important to select “Business Type” and “Industry” because TrulySmall Accounting will add specific COA Accounts optimized to those additional business details. 

This will ensure your books are handled appropriately for reporting, and you won’t miss any deductible expenses. 

Related Article: Start Up Guide
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In order to maximize the benefits of TrulySmall Accounting, we do not provide a way to import your Chart of Accounts from a spreadsheet or migrate it from accounting software you’ve used before TrulySmall Accounting.

For Income and Expenses we recommend you only create new sub-accounts whenever possible under the existing first-tier accounts. However, feel free to create first-tier and sub-accounts for Assets, Liabilities, Equity, etc without concern that it will negatively impact your business.

Related Article: Accounts
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Under Accounts, locate the first-tier Account under which you will create the sub-account. Click on the 3-dot menu that appears to the right and select the Add sub-account option. Complete the form including the "Name of [sub] Account" and "Type of Account". You can also add an "Opening Balance" and a "Description". Then click the Add button to save the new sub-account.

Sub-accounts will appear indented below their corresponding first-tier parent account. If there is more than one sub-account, they will be listed in alphabetical order. 

*Note: Top-level accounts and sub-accounts will appear in alphabetical order when you browse the Category section of a transaction.

You can create a sub-account under any first-tier Account you create, and any standard first-tier Account except:

Your Tax Agency wants these kinds of accounts to be in only one place. This streamlines the accounting to keep you in compliance.
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Although they can be created, TrulySmall Accounting recommends creating first-tier accounts sparingly. 

To create a new first-tier account, click on the +Add Account menu icon, then select the "Add Account" option.

First-tier Accounts will automatically be grouped by their category Type, listed in alphabetical order.

You can edit some details of an account.  

For a sub-account, you can edit the "Name of Account", "Opening Balance", and "Description". The "Start Date" must match the start date of it's parent first-tier account so it is not editable.
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For any first-tier Account you create, and most standard first-tier Accounts, you can edit the "Name of Account", "Start Date", "Opening Balance", and "Description". For Accounts created from a bank feed, you cannot change the "Start Date" or "Opening Balance".
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You can remove any first-tier account and sub-account you have created. Standard Accounts cannot be removed.  

In the Account list, locate the account and click on the 3-dot menu to the right of the account name, then select the Remove account option. Please ensure that all transactions have been moved or deleted from the selected account.

A window will appear asking you to confirm that you want to remove this account. Click on the Remove button to complete the deletion. 

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