Balancivo · Everyday bookkeeping

Set up your chart of accounts

Add accounts with numbers, group them under parent accounts and your own types, and hide or delete ones you don't use.

Who can do this: Owners (bookkeepers can view and download).

Set up your chart of accounts · 49 sec · shown with a sample organization.

Read the transcript

The chart of accounts is the list of categories your money is sorted into. Find it under Reports in the menu. Click Add an account to add a new one. Give it a number if you like, and a name. Choose its type. Income and expenses show on the profit and loss; assets and liabilities show on the balance sheet. You can also click New type to make your own heading with its own subtotal, like Ministry expenses. To group accounts together, click New parent account. Reports total everything under it. Click Add parent account, and your new account goes under it. Click Add account. It's ready to use in Review right away. Don't need an account? Click Hide. It leaves the lists in Review, but its history stays on your reports.

The chart of accounts is the list of categories your money is sorted into. You can give accounts numbers, put sub-accounts under a parent so reports total them together, and create your own types to group accounts with their own subtotal.

Steps to add an account

Go to Chart of accounts under Reports in the menu.
Click Add an account.
Fill in Number (optional), such as 4010, and Name.
Choose the Type. Pick one of the six built-in types (Income, Cost of revenue, Expense, Asset, Liability, Equity), or one of your own types listed under it.
Choose Sub-account of to put it under a parent, or leave None (top level).
Add a Description (optional).
Click Add account. It's now in the category lists in Review.

Add your own type

In the account form, click + New type next to Type.
Type the New type name, such as Ministry expenses.
Choose where it Belongs under (one of the six built-in types).
Click Add type. The account you're adding goes into this type.

Add a parent account

In the account form, click + New parent account next to Sub-account of.
Enter Parent's number (optional) and Parent account name, such as Facility expenses.
Click Add parent account. The account you're adding goes under it.

Good to know

Use Edit to change an account and Save to keep the change.
Hide removes an account from the lists in Review, but reports still show its history. Tick Show hidden accounts to see them, and click Show to bring one back.
Delete appears only for accounts that have never been used.
Accounts with transactions, sub-accounts or a built-in role can't change their built-in type. Add a new account instead.
A sub-account is always in its parent's type.
Built-in accounts, like Other income, Other expense, Owner contributions and Owner draws, can't be renamed. Transfers are built in and can't be edited.
Your own types show as headings with Rename and Delete. Deleting a type keeps its accounts, just without that heading.
Account numbers can have letters, digits, dots and dashes, up to 20 characters, with no spaces. Each number can be used once.
Download CSV saves your chart as a spreadsheet. Owners can bring one in with Import CSV, check the preview, and click Import (it shows how many accounts). Tick Replace my chart only if you want starter accounts that aren't in the file removed or hidden.
Only an owner can change the chart of accounts.

← Write and track checks Print checks →