How to Add Accounts to Chart of Accounts

Adding additional accounts to the Chart of Accounts (CoA) accounts is a great way to establish additional categories for tracking transactions and financial activity within FINSYNC.

Note: Please contact your FINSYNC profile owner if you do not currently have access to make changes to the Chart of Accounts. The permission settings for your account will need to be updated to setting to allow All Accounts within Banking.

 

There are two ways to add a new account to the Chart of Accounts. Click on the option below or scroll down to the specific option.

Option 1: From the overall list of Chart of Accounts

Option 2: When adding a new account to the Chart of Accounts while categorizing transactions within Banking account

 


Option 1: Adding a new account within the overall list of Chart of Accounts


1. Click on Reports from the top menu

2. From the menu on the left, click Setup under the Manage section

3. Click Chart of Accounts

3. Hover over the New button on the right and select Account



4. A New Account window will appear. There are two required fields to update on this screen:

  • Account Type (Required): The most common selections for this field are Expense or Income. Please review to confirm the correct selection.
  • Account Number (Required but will be generated if you do not set one)
  • Account Name (Required)
  • Account Description (Optional).  
    Note: Leave the box checked for Enabled if you wish to use this account immediately.

5. Click Save to complete the changes and add the account


Option 2: Adding a new account to the Chart of Accounts while categorizing transactions within a Banking account

1. Hover over Banking from the top menu and select the desired bank account

2. Locate the transaction that needs to be updated

3. Click on the Account field for this transaction

4. Click the button labeled Add GL Account

 

5. A New Account window will appear. There are two required fields to update on this screen:

  • Account Type (Required): The most common selections for this field are Expense or Income. Please review to confirm the correct selection.
  • Account Number (Required but will be generated if you do not set one)
  • Account Name (Required)
  • Account Description (Optional).  
    Note: Leave the box checked for Enabled if you wish to use this account immediately.

5. Click Save to complete the changes and add the account

6. Once the new account is created, be sure the new account has been selected for the designated transaction and then click Save