The Chart of Accounts (CoA) is an unique list of a business’ accounts, organized by assets (what your business owns), liabilities (what your business owes to others), income (the business’ revenue) and expenses (purchases made for your business).
CoAs are useful for organizing your accounts so you can work smarter with your accountant, making it easy to see the business’ financial situation at the present time.
Note: Approachable Accounting reports like the Chart of Accounts are available on the Plus and Premium plans only.
Access Chart of Accounts
The Chart of Accounts can be accessed using these steps:
- Click on the Accounting section
- Then click on the Chart of Accounts sub-tab.
There are a few things you're able to change when viewing the Chart of Accounts. Click on the drop down next to All Accounts, and you'll see some filters:
- Date Range - Within the dropdown, choose one of the preset ranges (This Year, This Quarter or Last Quarter) or choose a Custom date range instead (Jan 1, 2018 is the earliest date we can retrieve data from currently)
- Currency - Choose between individual currencies
Clicking More Actions in the top right will give you easy access to another useful report, the General Ledger.
FreshBooks uses Generally Accepted Accounting Principles (GAAP) friendly Parent Accounts right from the start. These are set up as defaults and cannot be edited or deleted. Each Parent Account in the list is assigned a multi-digit number to help identify the account type.
These Parent Accounts are affected by certain events in your FreshBooks account:
- Cash - Other Income, Payments Collected, Bank Accounts
- Accounts Receivable - Your unpaid invoices (except Drafts)
- Revenue - Sales - Paid invoices
- Revenue - Billed Expenses - Expenses that have been rebilled
- Operating Expenses - Categories of Expenses you’ve tracked
Note: Only Accountants invited to your account can create custom accounts under Parent Accounts to help organize your financials.