Set up your chart of accounts
Goal: Understand and lightly tailor your Chart of Accounts — the list of buckets your money is organized into.
A starting Chart of Accounts is created for you based on your country, so most businesses can begin without changing anything.
The basics
Section titled “The basics”- Assets — what you own. Liabilities — what you owe. Income — money you earn. Expenses — money you spend. Equity — the owners’ stake.
- Groups are folders; Ledgers are the accounts you post to.
1. Open the Chart of Accounts
Section titled “1. Open the Chart of Accounts”In the sidebar, open Accounting and select Chart of Accounts. Expand the groups to see the ledgers inside.
2. Add an account (when you need one)
Section titled “2. Add an account (when you need one)”Hover the group it belongs in and add a child, enter the name, choose group or ledger, and save.
3. Rename or reorganize carefully
Section titled “3. Rename or reorganize carefully”You can rename and move accounts. Avoid deleting or merging accounts once you’ve recorded transactions against them.
You’re done when…
Section titled “You’re done when…”Your Chart of Accounts reflects how you think about your money.