Set up the chart of accounts
Your chart of accounts is ready for transactions and reports, with the account codes your company already uses.
Before you start
- Access to manage the Chart of Accounts. Without it, the page is view and export only.
- The account list from your old books, if you want to keep the same codes.
Steps
Step 1: Open the Chart of Accounts
In the sidebar, choose Accounting, then Chart of Accounts. Review the default accounts Finday created and adjust them to your books.
Screenshot coming soon
The Chart of Accounts page in Finday with the account list, the New account button and the Opening balances button.
Step 2: Click New account and fill it in
Fill in Account name, Account code and COA category. Choose a Parent account if this account sits under another one. Financial class fills in from the category.
Screenshot coming soon
The Create account form with Account name, Account code, COA category, Parent account and Financial class.
Step 3: Click Save account
The new account appears in the list. To change an account, click Edit on its row; to stop using it, click Deactivate.
Screenshot coming soon
The Chart of Accounts list with the newly saved account and its Edit and Deactivate buttons.
Step 4: Or import many accounts at once
Choose Download CSV template and fill in your accounts. Then choose Import spreadsheet, check how many accounts will be created and updated, and click Apply import.
Screenshot coming soon
The Import chart of accounts preview with the number of accounts to create, update and the invalid rows.
When you are done
- Finday created a default chart of accounts when the company was created. Accounts you add or change can be used in transactions and reports straight away.
- An account's financial class follows the COA category you choose.
- Once the chart is final, continue with entering the opening balance sheet.
Common problems
The message "This account is still in use. Deactivate it instead of deleting it." appears
Accounts used in transactions cannot be deleted. Choose Deactivate on that account's row.
An account cannot be deactivated
It is still mapped to a GL role. Open Account mapping, move the role to another account, then deactivate it.
The COA category cannot be changed
An account with a parent follows the parent's category. Clear the parent account to choose a category yourself.
Something still unclear?
Ask us on WhatsApp. The Finday team replies during office hours and can walk you through it in your own account.