What is a Chart of Accounts?
The chart of accounts is a list of all of your company’s accounts and balances.
How do I create a Chart of Accounts for my business?
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
Can I migrate my Chart of Accounts from my previous bookkeeping tools?
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 Expenses and Income we recommend you only create new child accounts whenever possible under the existing first-tier accounts. However, feel free to create top-tier and child accounts for Liabilities, Equity, etc without concern that it will negatively impact your business.
Related Article: Accounts
How do I create a sub-account in my Chart of Accounts?
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.
Are there limits on creating Sub-Accounts?
You can create a sub-account under any first-tier Account you create, and any standard first-tier Account except:
Gain/Loss on Exchange
Your Tax Agency wants these kinds of accounts to be in only one place. This streamlines the accounting to keep you in compliance.
How do I create a first-tier account in my Chart of Accounts?
Although they can be created, TrulySmall Accounting recommends creating first-tier accounts sparingly.
Under Accounts, click on the + Add menu icon above the Account list and select the Add account option. Complete the form including the "Name of Account" and "Type of Account". You can also add an "Opening Balance" and a "Description". Then click the Add button to save the new first-tier account.
First-tier Accounts will appear within category Type, listed in alphabetical order.
Can I edit the details of a first-tier account or sub-account?
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.
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".
Can I delete an account?
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.
A window will appear asking you to confirm that you want to remove this account. Click on the Remove button to complete the deletion.
You can also remove a sub-account from within the Edit Account window. Click on the Edit Account link from either the accounts list or the mini report window above the transactions list. In the Edit Account window, click on the 3-dot menu and select the Remove option.
A window will appear asking you to confirm you want to remove this account. Click Remove to complete the deletion.