This articles provides guidance to perform the actions listed below. Click a link below or scroll down to view detailed information for each action.
NOTE: FINSYNC now as the ability to create Sub-Accounts: A Sub-Account allows more granular categorization of transactions with the ability to use one or more Sub-Accounts linked to a Parent Account. This allows for more detailed tracking and reporting for different types of transactions. There can be up to two (2) levels of Sub-Accounts.
- Accessing the Chart of Accounts
- Creating a New Account in the Chart of Accounts
- Modifying an Account in the Chart of Accounts
Accessing the Chart of Accounts
1. Within the FINSYNC Business Platform, click Accounting from the menu.
NOTE: If you do not have access to the Accounting feature, you can upgrade by clicking on the Accounting icon on the main menu (if available) or you can go to Billing and Subscription to upgrade your FINSYNC subscription. Click HERE for information on where to update your subscription.
2. From the left-hand menu, scroll down to the Setup section and click Chart of Accounts.
You will see a list of the current Chart of accounts and can proceed to view/create/modify accounts as needed.
Creating a New Account in the Chart of Accounts
Use the following steps to create a new account within the Chart of Accounts. Please note when creating new accounts:
When creating an account in the Chart of Accounts, an option exists to designate an account as a Sub-Account. A Sub-Account allows more granular categorization of transactions with the ability to use one or more Sub-Accounts underneath a Parent Account. This allows for more detailed tracking and reporting for different types of transactions. There can be up to two (2) levels of Sub-Accounts.
1. Hover over the green New button on the upper-right and click Account
2. The following describes the fields available when creating a new account
- Category: Select the applicable category (Assets, Liabilities, Equity, Income, Expenses)
- Account Type: Select the appropriate Account Type from the list
- Account Name: Enter a name for the new account
- This is a Sub-Account: This option will be available based on the following:
- There must be at least one account created for the selected Account Type before the Sub-Account option will appear.
- Once there is at least one existing account for an Account Type, additional account(s) created can be designated as a Sub-Account under an existing account.
- Account Number: (Optional) Recommend to leave blank and it will be generated for you.
- Account Description: (Optional) Enter descriptive information for reference.
- Enabled: (Checked by Default) Unchecking this option will prevent the account from being available for selection in the list when categorizing Banking transactions. This is useful for accounts that are no longer used and need to be hidden from selection.
If there is at least one Parent Account for an Account Type, then an option will display to allow the creation of a Sub-Account underneath the Parent Account (see image below).
Key items to reference when using the Sub-Account option:
- The Account Name will designate the new Sub-Account name
- There can be up to two (2) levels of Sub-Accounts
Once Sub-Accounts are added, they will appear as an indented account underneath the parent account. The example below displays two levels of Sub-Accounts under the Vehicle account
NOTE: If you want to change the number for the sub-account you created, simply click on the line item from your Chart of Accounts list and you can edit the account number.
Modifying an Account in the Chart of Accounts
Use the following steps to modify an existing account within the Chart of Accounts.
1. Within Chart of Accounts, scroll down or use the search option to locate an account and click on account to modify.
2. Make the necessary changes and click Save
Note: The Account Type cannot be modified for a Parent Account (An Account with Sub-Accounts)
Example when modifying an account that is a Sub-Account (which is not a Parent Account). In this case, the Account Type can be modified.
Related Articles:
Categorizing Bank Transactions with Chart of Accounts
Overview of Attributes (Classes)
Customer Statements (Statement of Account)