The chart of accounts is a specific list of the accounts used by your business to define each class of item for which money is received or spent. It is used to organise the finances of your business and segregate income and expenditure in order to provide you with a better understanding of the financial status of your business.
Clever Accounts provides you with a default structure and set of accounts in order to provide you with a starting point that you can use straight away or customise. In many cases, this default structure may be all that is needed to operate and analyse your business.
Customise your accounts
If you do wish to customise your accounts you will need to opt out of the default set. Please got to 'Settings > Chart of Accounts > Customize Chart of Accounts'.
Opting out, means you will become responsible for ensuring the accounts are added or set up correctly within Clever Accounts rather than relying on us to do it.
You opt out by pressing on the 'Customise Chart of Accounts button'. This will then provide you with complete control over the accounts.
Add new code
To add a new account, enter the nominal code you would like to use, give it a name, and select what Type of transaction it is.
It is recommended that you try and use a number sequence that resembles those numbers around it. For example, code 2000 is currently used for sales so it would not be advisable to put travel into 2000.
Under Type choose whether the code is Sales, Cost of Sales, Expenditure. By allocating it a type you are allocating the code to where it will sit on the financial reports.