Before we get into the setup process, we want to first let you know a few things:
- When you start a brand new business in, it will come with a default chart of accounts already set up. If this works for you, you do not need to adjust your accounts further.
- If you do want to modify your chart of accounts, we recommend seeking the advice of an accounting professional.
- If you are looking to import your chart of accounts and their balances (trial balance) from another accounting system, please view our Importing a Trial Balance article.
- Lastly, if you want to know what accounts are, what they're used for, and the different types of accounts, please view our What Accounts Are and How to Use Them article.
Adding, Editing, and Deleting Accounts
To view or modify your chart of accounts, please go to Accounts, which is found in the Setup section of the left hand navigation menu.
Example - Adding a New Account
Adding a new account is as simple as filling out the Add New Account form with the following information:
- Number (if left blank, a number will be auto-generated by Kashoo)
*These are required fields
For example, if we want to set up a new account for our First US Trust Credit Card, we would enter the following:
- Name: First US Trust Credit Card
- Type: Credit Card
- Click on Add Account
The Number and Description fields are optional, so we leave them blank. The account can then be found in the Liabilities/Credit Card part of the Accounts page.
Example - Editing an Existing Account
Editing an existing account is quite simple. In the Accounts page, find the account you would like to edit and click on it. This is what the page for the First US Trust Credit Card account we just created looks like.
As you can see, we can edit any of the fields. Just remember to click Save when you are done editing.
Example - Removing / Deleting an Account
To delete an account, go to the Accounts page, find the account you would like to remove, and click on it.
From there, you will see a Remove button that will delete the account when clicked.
However, you cannot delete an account if there are transactions in the account.
If your account has transactions in it, there will be no visible Remove button.
Certain accounts are required. These may also not be removed. You can easily identify them because their Type is italicized.
In order to remove the account, each and every transaction needs to either be re-categorized to a different account or deleted. To do either, click on the transaction.
Restoring an account
If you accidentally delete an account, you do have the ability to restore it.
If you can't find the account in order to restore it, you can use the search feature in the Activity page to locate the account.