Add or edit a chart of account, create & manage new bank accounts.
- Select Settings > Reference Books. Under Financial choose Chart of Accounts. Here we have all the different types of accounts grouped under these various class headings. You can sort the screen to only show a particular class.
On the left hand side is where you can create a new account or Bank Account. You can also reset your chart of accounts back to default by clicking ‘Use Default’ button. And under more you can perform bulk actions such as delete archived accounts and import chart of accounts from a spreadsheet.
To delete an account simply select the account you want to delete. Change the status from Active to Archived. Click More and select Delete unused archived accounts.
- Let’s quickly have a look how to import from excel spreadsheet. Go to More click Import, here you can click on the plus sign on the left hand corner to expand and see description of all the required and optional column headings. If you click on the first step ‘Export current Chart of Accounts to CSV file’ the current default chart will be exported to a CSV template. You can make adjustments in this CSV template and also add new accounts then save and upload back into DEAR.
Let’s have a look how to add an account through the user interface, select Add, Account. Enter all the relevant details like Account Type, Account Code, Name of the Account and also optional description. You may also choose to accept payments to this account by ticking Accept payments checkbox. It will let you use this account in payment section of the purchase and sales modules. Once you are happy with all the info click save and this new account will be added to your chart of accounts.
- Let’s have a look at how to add a new bank account so let’s hover over Add again and this time select Bank Account. Fill in all the required details such as Account Name, Bank account currency, Account code that is not already used, Bank Name & Account number. Here you can also put in the opening balance of your bank account and click save. You will now be able to see this newly created Bank account under Financials>Money Movement>Bank Accounts. From here you can start importing bank statements and reconciling your transactions for this bank account.
You chart of accounts set up is crucial for producing correct financial reports. Make sure to consult with your accountant or bookkeeper before adding or editing any accounts.