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Review the chart of accounts

What this is for

Check the income and expense buckets products use, and add one if a price has nowhere to post.

Concepts

Account in the Company Settings toolbar opens Chart of Accounts. Signup already created defaults (for example goods sales, service sales, credits). Those default rows have no switch, no pencil, and no trash.

Type is the kind of account (income, expense, and so on — the list on Add a New Account). Subaccount of nests under another account of that type.

When you add a product, Income Account and Cost Account come from this list. Empty dropdowns usually mean you have not reviewed accounts yet.

Configuration Tasks calls this Review chart of accounts.

Before you start

  • You can Log in and open Company Settings.

Steps

  1. Click the gear. Open Account (list icon), or click Review chart of accounts on Configuration Tasks.
  2. Read Name and Type. Defaults from signup should already be there.
  3. To add one, click the plus (Add Account). In Add a New Account, enter Account Name, Type, and optionally Subaccount of. Click Add.
  4. Non-default rows: Click to change status to turn one off, pencil to edit, trash to delete. Trash asks Are you sure you want to delete this account? Confirm in the dialog.
  5. Tick Review chart of accounts on Configuration Tasks when the list matches how you book sales and costs.

What happens next

Add a product or service — pick Income Account / Cost Account from this chart.

If something looks wrong

  • No switch on a row. It is a default account. Leave it; add another if you need a new name.
  • System accounts cannot be deleted. / System accounts cannot be edited. / System accounts cannot be modified. That row is locked. Add a new account instead of changing the locked one.
  • Product Income Account is empty. You are on this list with no income-type accounts enabled.