Chart of Accounts
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Written by Baremetrics
Updated over a week ago

The Chart of Accounts (CoA) is a crucial element for financial planning and reporting, as it provides a framework for organizing financial transactions. A well-structured CoA enables a business to report financial information accurately and helps in decision-making by providing insights into the performance of the business.

To access your CoA, Go to Forecast+ → SettingsChart of Accounts

Forecast+ offers an amazing feature that allows you to customize your Chart of Accounts (CoA) according to your specific needs. When you set up Forecast+, your CoA is imported as it is set up in your accounting software. We understand that this structure may not be optimal for your needs and that you may not be able to change it because your accountant finds it difficult to do so in your accounting software or you have already reported those numbers to agencies or investors.

By customizing the CoA according to your specific needs, you can gain greater insights into your financial performance and make informed decisions about your business operations. With Forecast+, you can easily make one-way changes to your CoA. This feature gives you greater control over your financial data and provides you with more accurate insights into your financial performance. You can rename the account, delete it if it has no data, or change the category between revenue, CoA, expenses, other income, and other expenses. You can also change the account hierarchy, add or delete accounts, and change the account parent to whatever you find more suitable for your ease of analysis and decision-making.

To implement these adjustments, simply select the relevant account. This action will prompt the editor to appear on the right side of your screen

In addition to the ability to make changes to your Chart of Accounts, Forecast+ allows you to create new accounts that you think may require a forecast or budget in the future. By creating new accounts, you can track specific expenses or revenue sources and gain insights into their impact on your financial performance. This feature is especially useful for businesses that are expanding or entering new markets.

This feature enables you to analyze your financial data in a way that is meaningful to you and helps you to plan for the future with greater accuracy. Moreover, the changes made in Forecast+ will not affect your accounting software, which ensures data integrity and security.

In summary, here are the points explaining what can be customized in the Chart of Accounts (CoA) using Forecast+:

✏️ Rename Accounts: Personalize your Chart of Accounts by renaming them to suit your business's internal language.

🚫 Delete Empty Accounts: Remove clutter and keep your Chart of Accounts streamlined by deleting accounts that hold no data.

🔄 Change Account Categories: Easily change the account categories among revenue, CoA, expenses, other income, and other expenses to match your financial structure.

🌳 Alter the Account Hierarchy: Customize the hierarchy of your accounts for a clearer view of your financial data.

➕ Add Accounts: Expand your Chart of Accounts based on your needs by adding accounts.

🔀 Change Parent Account: Adjust the parent account for ease of analysis and decision-making, giving you a tailored view of your financial structure.

These customizations can help businesses gain greater insights into their financial performance and make informed decisions about their operations. By creating new accounts to track specific expenses or revenue sources, businesses can analyze their financial data in a way that is meaningful to them and plan for the future with greater accuracy.

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