Set up your Chart of Accounts in CrewCost.
Setting up Chart of Accounts helps you organize your company’s financial data by categorizing assets, liabilities, income, and expenses.
Instructions
To create a chart:
- Navigate to Accounting in the left menu, then select Chart of Accounts.
- Click on New Account.
- Complete the required fields:
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- Name
- Account Type
- Asset
- Liability
- Equity
- Income
- Expense
- Detail Type
- Current Assets
- Fixed Assets
- Sub-detail Type
- Other Receivables: These are amounts owed to your business that are not part of your regular sales activities.
- Inventory: This refers to goods and materials that your business holds for the purpose of resale.
- Bank: This account type tracks the cash held in your bank accounts. It includes checking accounts, savings accounts, and any other cash balances.
- Prepaids: Prepaid expenses are payments made in advance for goods or services to be received in the future.
- Accounts Receivable: This represents money owed to your business by customers for products or services that have been delivered but not yet paid for.
- Classifier/Suffix (optional): Use a 3-character code for further breakdown of accounts for reporting purposes (e.g., 001 = Chicago, 002 = SF).
- Description (optional)
Mark as inactive or edit
To mark an account as inactive, click the three dots next to the account, then select Mark as inactive. Note that an account with an existing balance cannot be marked inactive. You can also reactivate the account by navigating to the Inactive sub-table and selecting Mark as active.
To edit an existing chart of accounts, click the edit icon (usually the first icon). You can update the following details:
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- Name
-
- Account Type
-
- Detail Type
-
- Sub-detail Type
-
- Classifier/Suffix
After making the necessary changes, click Save Account to apply the updates.
What's next?
Keep exploring our platform by taking the next step: Manage vendors page.