The Chart of Accounts is your financial backbone, or ledger, used for tracking every account in your business. This ledger organizes your business financial accounts, which are important for managing your business finances and easily tracks income, expenses, assets, and liabilities.

Best Practice Suggestions:
Keep it simple. We suggest keeping your Chart of Accounts as simple as reasonably prudent to manage your financials. It’s easy to get excited and create lots of detailed expense accounts because it seems like a good idea to categorize all that information, but at the end of the day, you will likely spend little time monitoring many of those expense account details.

Consult an Accountant/CPA. They should know and understand your business and how its operation should be effectively organized to allow easy financial tracking, tax preparation, and financial auditing. Your accountant or CPA will help you create a financial account structure best suited for your business and operation. Besides... a good Accountant is a critical team member to a successful business.

Step-by-Step Guide:

Access/review your Chart of Accounts

Click on the Mega Menu (9 square dots) → Financial → Chart of Accounts.

Add a New Account or Sub-Account

To add a New Account, click the + New Account button to the right of the search bar near the top-right.

You will see a pop-up window where you can define the new account details.

Enter the Account Name

Click the Type field and select the appropriate account type from the dropdown menu

If the account should be created as a sub-account, click the Sub-Account Of field and select the applicable parent account from the dropdown menu

Note: You can also quickly add a sub-account by selecting the arrow in the Edit icon on the far right of the associated account in your list of accounts, then selecting Add Sub-Account from the drop-down menu. This drop-down menu will also give you the option to Delete an account. See step #4 below for more information on removing an account.

Edit Account(s)

To edit an existing account, click on the Edit button on the far right. Here you can edit information about the account or sub-account.

Note: Depending on the account you select, you may have limited ability to enter or change certain information about that account.
As stated above, you can delete an account by clicking on the arrow to the right of the Edit icon and selecting Delete from the drop-down menu. If you want to delete an account that has associated records, you will be prompted to select another account where SQUAVA will move the records associated with the account you wish to delete.

SUCCESS!!!
You have successfully learned how to manage your Chart of Accounts! If you have other questions related to the Chart of Accounts, see the other articles in our Accounting 101 section. Can't find what you're looking for? Try the main knowledge base search at https://support.squava.com. If you’re still unable to find what you're looking for, give us a call, submit a request ticket, or send us a chat message.

Step-by-Step Guide:

Access/review your Chart of Accounts

Add a New Account or Sub-Account

Edit Account(s)

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