Your company's Chart of Accounts are critical to accurate tracking and reporting of your company finances. That's why TrulySmall Accounting creates the Chart of Accounts for you, and pre-classifies your transactions according to your country's regulatory rules.
Overview of Accounts
By default, the standard Accounts list shows all the accounts in the TrulySmall Accounting-provided Chart of Accounts, along with any Bank or Credit Card accounts you connected to TrulySmall Accounting.
Accounts that were created from bank feeds, are represented with a special connection icon to the right of the account name. If the bank feed is offline for any reason (such as bank credentials that are out-dated), the icon will indicate the need for attention.
All TrulySmall Accounting default accounts are associated with the appropriate tax codes for federal or local tax reporting. Although both top-level and sub-accounts can be added to TrulySmall Accounting, we recommend creating child-accounts under the TrulySmall Accounting default accounts as much as possible. This will ensure the accuracy of your accounting, and provide flexibility in your reporting.
Accounts are grouped into their various Account Types (Assets, Liabilities, Equity, etc...), which can be expanded or collapsed for more focused viewing, using the arrow icon to the right of the group name.
*Note: Top-level accounts and sub-accounts will appear in alphabetical order when you browse the Category section of a transaction.
Related Article: Understanding the Chart of Accounts
Adding and Editing Accounts
To add a sub-account (MANDATORY FOR NEW INCOME AND EXPENSE CATEGORIES), click on the +Add Account menu icon, then select the "Add Account" option. Next, click on the Is a sub-account checkbox and fill out all relevant account details such as:
Name of [the] Account
Type of Account
Sub-account of (select a parent account)
Start Date (The "Start Date" must match the start date of its parent first-tier account so it is not editable)
Opening Balance (optional)
Currency
Description (optional)
To create a new first-tier account, click on the +Add Account menu icon, then select the "Add Account" option.
New accounts can also be added by connecting a bank feed, or uploading a transaction file from your bank. For accounts created from a bank feed, you cannot change the "Start Date" or "Opening Balance" as this is set by the banking institution.
Related Article: Connecting Bank Accounts
To edit an account, click on the account name from the list, then select the Edit Account link next to the current balance at the top. The "Name of Account" and "Description" are always available for editing.
For accounts that were created solely from a bank feed, the date and total amount of transactions cannot be edited because they are determined by your financial institution.
Editing Account Start Date and Opening Balance
In accounts where the only source of transactions are through a bank feed, the "Account Start Date", and "Opening Balance" are locked. This protects the integrity of the calculations associated with the account.
However, if your Bank was unable to provide transaction data back to the start date of your TrulySmall Accounting Business, and you uploaded transaction files to backfill the missing data, these "mixed-sourced" accounts do allow editing of the Start Date and Opening Balance.
The Account "Description" is always available for editing.
Related Article: Importing Transaction Data, Add Opening Balances
Viewing, Editing, and Adding Transactions
Click on the name of a specific account in the list, to see all the transactions for that account. Click on the checkbox to the left of a transaction you want to edit, then click on the Edit pencil icon above the list.
When editing a specific transaction, you can change the Business Contact "Supplier" and the Account "Category" to which it should be assigned. TrulySmall Accounting automatically calculates any taxes you are responsible for tracking.
For accounts that were created solely from a bank feed, the transaction "Date" and "Amount" cannot be edited. This retains the integrity of the data coming from your financial institution.
Attach a Receipt/File
Receipts can be attached to the transaction if desired. Using the Attach Files link in "Transaction Details", receipts can be uploaded directly from your hardware or you can select receipts from the Attachment Gallery if they have been previously uploaded.
Attached receipts can also be removed.
Export Chart of Accounts
The Chart of Accounts can be exported at the top of the Accounts page. You can download your desired format by choosing either Export CSV or Export PDF.
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