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TrulySmall Accounting: Accounts
TrulySmall Accounting: Accounts

Your Business' Financial Institutions and Chart of Accounts

Kashoo avatar
Written by Kashoo
Updated over a week ago

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Your company's Chart of Accounts are critical to accurate tracking and reporting of your company finances. That's why TrulySmall Accounting creates the Chart of Accounts for you, and pre-classifies your transactions according to your country's regulatory rules.

Overview of Accounts

By default, the standard Accounts list shows all the accounts in the TrulySmall Accounting-provided Chart of Accounts, along with any Bank or Credit Card accounts you connected to TrulySmall Accounting.  

Accounts that were created from bank feeds, are represented with a special connection icon to the right of the account name. If the bank feed is offline for any reason (such as bank credentials that are out-dated), the icon will indicate the need for attention.

All TrulySmall Accounting default accounts are associated with the appropriate tax codes for federal or local tax reporting. Although both top-level and sub-accounts can be added to TrulySmall Accounting, we recommend creating child-accounts under the TrulySmall Accounting default accounts as much as possible. This will ensure the accuracy of your accounting, and provide flexibility in your reporting.

Accounts are grouped into their various Account Types, which can be expanded or collapsed for more focused viewing, using the arrow icon to the right of the group name.

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

Adding and Editing Accounts

To add a new category or sub-account, locate the appropriate Default TrulySmall Accounting Account, then click on the 3-dot menu icon that appears to the right.  Next, select Add sub-account.  You will need to add the "Name of [the] Account", and an "Opening Balance".  The "Start Date", and the "Type of Account" and are not editable for a sub-account.

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

New Accounts can also be added by connecting a bank feed, or uploading a transaction file from your bank.

Related Article:  Connecting Bank Accounts

To make changes to the account, click the account name in the list, then click the Edit Account link below the account balance at the top.  The "Name of Account" and "Description" are always available for editing.

For accounts that were created solely from a bank feed, the date and total amount of transactions cannot be edited because they are determined by your financial institution.   

Editing Account Start Date and Opening Balance

In accounts where the only source of transactions are through a bank feed, the "Account Start Date", and "Opening Balance" are locked. This protects the integrity of the calculations associated with the account.

However, if your Bank was unable to provide transaction data back to the start date of your TrulySmall Accounting Business, and you uploaded transaction files to backfill the missing data, these "mixed-sourced" accounts do allow editing of the Start Date and Opening Balance.  

The Account "Description" is always available for editing. 

Related Article: Importing Transaction Data

Viewing, Editing, and Adding Transactions

Click on the name of a specific account in the list, to  see all the transactions for that account. Click on the checkbox to the left of a transaction you want to edit, then click on the Edit pencil icon above the list.

When editing a specific transaction, you can change the Business Contact "Supplier" and the Account "Category" to which it should be assigned. TrulySmall Accounting automatically calculates any taxes you are responsible for tracking.  

For accounts that were created solely from a bank feed, the transaction "Date" and "Amount" cannot be edited. This retains the integrity of the data coming from your financial institution.  

Receipts can be attached to the transaction if desired. Using the Attach link in "Transaction Details", receipts can be uploaded directly from your hardware or you can select receipts from the Attachment Gallery if they have been previously uploaded.

Attached receipts can also be removed.


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