Update your chart of accounts
Organize the accounts used to categorize transactions and reports.
On this page
Decide which account type and parent you need.
Step 1: Open the chart
In Accounting, choose Chart of accounts. Select Expense, Revenue, Asset, Liability or Equity. Use Account name to find an existing category. Source lets you show Standard or Custom accounts.
Step 2: Add a subaccount
Choose Add subaccount. Enter Name, select Type and choose the parent in Under. Under is optional and starts at Top level. To add detail within an existing category, select that category as the parent.
Step 3: Check the saved category
Choose Add, then find the new account under the selected type and parent. Return to the transaction and select the category you need.
Step 4: Maintain the chart
Open the account’s three-dot menu. Use Rename to change its name, or Deactivate or Activate to change its status. Standard accounts required by reports may be protected from deactivation. Use Export to download the chart for review with your bookkeeper.
Accounts and subaccounts
Expense and Revenue organize spending and income. Asset, Liability and Equity organize what the business owns, owes and retains.
A subaccount gives you more detail within a parent category. Its amounts roll up to the parent. Check for an existing category before adding another.
Bank and loan accounts
Use Accounting > Accounts for bank and loan account setup. Review the associated balances separately from category names.
Check the result
- The new category appears under the intended account type and parent.
FAQs
Why can I not deactivate a standard account?
Some accounts are required by reports. Follow the displayed restriction.
Does renaming an account correct old transactions?
No. Open and correct any transaction that was booked to the wrong account.