Setting up and maintaining the Chart of Accounts

The Chart of Accounts lists your business’s account names and numbers. Each account category features options specific to its type and a preset range of account numbers to choose from, as shown in the chart below. You can set up as many accounts as you require in each account category, but must assign a unique account number to each. 

 Select Chart of Accounts from the menu on the left.

Note: When you run the Setup Wizard, AgExpert Accounting creates a default chart of accounts that contains common accounts based on the choices you made at the time.

Select an account category (Asset, Liability, Equity, Income or Expense) from tabs across the top of the chart of accounts page.

You can click Add account or group on the appropriate section to add a new account or Add account on a group to add a new sub-account to an existing group of accounts.

Enter the Account number, name, and type.  Click Save when complete.

The Account type is important because it will open different options and affects how you will use the account when doing transactions.

To edit an asset account, click on the account you wish to edit.  The Edit screen will slide out from the right side of the screen.

From this screen you can add or remove the account from a group using the Account is part of a group toggle.  Use the drop-down menu under Grouping to select a group to add it to.  If the desired group does not already exist, you can add it at this time using the Add new group account button.

You can update any information in the account edit screen as necessary.  Update the name, account number, or opening balance as needed.

If you are no longer using the account actively, you can hide it by checking the Hide account checkbox located at the bottom of the edit screen.

Click Save at the bottom to update your account information.

An account can be removed by using the Delete button at the bottom of the page.  You cannot delete an account that has had an opening balance, transactions posted, or is referenced anywhere else (such as inventory to income accounts).

Last updated on February 16, 2023 by FCC AgExpert