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: The ability to add or make changes to your Chart of Accounts is only available with the FINSYNC Accounting plan. Go to Profile Settings and then Subscriptions to view or upgrade your current subscription.
Adding a new account within the overall list of Chart of Accounts
1. Within the FINSYNC Business Platform, click Accounting from the top menu.
2. From the left hand menu (at the bottom), click Setup to view more options. Then click Chart of Accounts.
3. Your Chart of Accounts view will appear showing all of your existing defaults categories. Mouse over New on the right and select Account to create a new account/category.
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4. There are three required fields to update on this screen starting with selecting a category. You will see descriptions of each field below:
- Select a Category (Required): Choose from Assets, Liabilities, Equity, Income or Expenses.
- Account Type (Required): You will not be able to select an Account Type until you Select a Category first. The most common selections for this field are Expense or Income. Please review to confirm the correct selection.
- Account Name (Required): This is how you want the name of your account/category to appear.
- Account Number: This is not a required field as the system will automatically generate the next number in the sequence for you.
- Account Description: This field is not required but it is available if you would like to add a description of the account you are creating.
- Enabled check box: This box will be checked by default in order to allow you to use this account/category. If you uncheck the box, it will be hidden from your view.
5. Select Save to complete the changes and add the account.
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Bulk Categorization of Transactions