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Chart of accounts overview


A chart of accounts is nothing more than a list of categories for organizing transactions recorded by a business. The broad categories are: Assets, Liabilities, Equity, Revenue and Expenses. Every transaction recorded in Flare (or any accounting system) is associated with an account within one of these categories.

  Although you can use Flare's default chart of accounts, we recommend choosing your own. If you are migrating to Flare from another accounting system, you may want to choose the same accounts in Flare that you used in your previous system. You can invite your accountant or bookkeeper to help you set up your chart of accounts. Currently, Flare does not provide a way to import a chart of accounts from other software.

View and manage chart of accounts

To the view the chart of accounts, do the following:

  1. In Flare's top right menu, click the Settings gear icon (1 below).

    Settings gear icon

  2. In the Settings menu, click the Chart of Accounts menu item (2 below) and choose an account category tab (3).

    Chart of Accounts in Settings menu

Chart of accounts management key

Chart of accounts key

  1. Click an account category tab to open and view accounts within the category.
  2. Open the account group and view its accounts.
  3. Active all accounts in the account group.
  4. Add a new account to the account group.
  5. Edit the account name, account number and account category to which this account belongs.
  6. Delete the account group.
    Note: accounts within the account group must be deleted first.
  7. Activate an account (in this example we are activating the Petty Cash account within the Cash & Bank account group).
  8. Edit the account name, account number and the account group to which the account belongs.
  9. Delete the account.
  10. Add a new account group.
  11. Toggle open/closed all account groups.

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