How to Setup the Chart of Accounts

How to Setup the Chart of Accounts

CustomBooks™ comes with a standard Chart of Accounts. You may add, change or remove these to suit your needs. You can import your own chart of accounts or you can even copy it from another client if you have more that one CustomBooks™ account.


Getting Started Step 1 - Chart of Accounts

Creating an Account

To create a new account in the Chart of Accounts,
  1. Navigate to Accounting â†’ Chart of Accounts.
  2. Click Create. (see screenshot below, #1)
  3. Enter a Name for the new account.
  4. Choose an Account Type.
  5. Enter an Account Code or leave this field blank to have the system assign a code for you (The system will use standard account type numbering when assigning a number).
  6. If this account will be tracking transactions related to 1099 filings, choose the appropriate 1099 Category from the list.
  7. Click Save and Close to finish.

Creating a new Account

To IMPORT Chart of Accounts, go to this ARTICLE to learn more.

Defining a Sub-Account

An account may be a sub-account of another. For instance, Hotel Expense and Meals might be sub-accounts of Travel Expenses. Sub-account totals roll up into the parent account.


 Advertising and Promotion, Automobile Expense and Bank Service Charges are
sub-accounts of OPERATING EXPENSES

Creating a Sub-Account

  1. In the Chart of Accounts list view, double click the account that will become the sub-account.
  2. In the parent field, enter the account number of the account that will become the parent.
  3. Click Save and Close.



Removing a Sub-Account from a Parent Account

To remove a sub-account from a parent account, double click the sub-account and remove the account number from the parent field.

Printing the Charts of Accounts

The Chart of Accounts may be printed by clicking the Print button (#2, below). The printed chart of accounts includes the account number, the parent (if any), the account name, the account type and the balance.

Adding Custom Fields to Chart of Accounts

You can add your own custom fields to an account in the chart of accounts.   To learn more, read the article on custom fields.


Inactive G/L Accounts

You can make a G/L Account inactive. The account should have zero balance before making it inactive or else the system will not allow it. Inactivate accounts will not show up in any selection list or reports but will remain in the system for historical purposes. Inactive accounts can be hidden as well in the Chart of Accounts List.

Below are the steps on how to make an account inactive:

Making a G/L Account Inactive:


  1. Go to Chart of Accounts and choose the G/L Account that you would like to inactivate.
  2. On the G/L Account window, click the "G/L Account is Inactive" checkbox.
  3. Click Save and Close.




Inactivating Multiple Accounts in batch

To inactivate multiple accounts in batch,
  1. Navigate to Accounting / Chart of Accounts.
  2. Highlight one or more accounts (use ctrl on windows or cmd on mac to highlight multiple accounts)
  3. Right click and choose Edit / Make Inactive.

You  may not inactivate accounts that have a balance.   Resolve the balance first (close the books) and then deactivate.

Certain accounts are needed by the system and cannot be inactivated.   You will receive an error when attempting to deactivate these accounts.

Tips and Tricks
  • If an item that was just entered doesn't appear in the list, click the refresh button (#3 below) to refresh the screen.
  • You may run and view a General Ledger Report showing transactions by clicking the General Ledger button.
  • Search for an account using the search box in the upper right can corner (#4 below).

The Chart of AccountsThe Chart of Accounts screen

You can check these articles to know more about Chart of Accounts :
  1. Chart of Accounts Overview
  2. Sample Chart of Accounts
  3. Importing and Exporting Chart of Accounts


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