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.
View and manage chart of accounts
To the view the chart of accounts, do the following:
- In Flare's top right menu, click the Settings gear icon (1 below).
- In the Settings menu, click the Chart of Accounts menu item (2 below) and choose an account category tab (3).
Chart of accounts management key
- Click an account category tab to open and view accounts within the category.
- Open the account group and view its accounts.
- Active all accounts in the account group.
- Add a new account to the account group.
- Edit the account name, account number and account category to which this account belongs.
- Delete the account group.
Note: accounts within the account group must be deleted first.
- Activate an account (in this example we are activating the Petty Cash account within the Cash & Bank account group).
- Edit the account name, account number and the account group to which the account belongs.
- Delete the account.
- Add a new account group.
- Toggle open/closed all account groups.