Chart of accounts – adding, editing, and hiding accounts

The chart of accounts is located on the Accounts tab. It's a list of all the bookkeeping accounts a company can use to record transactions. NoCFO comes with a comprehensive chart of accounts template, but in practice a small company only needs a fraction of its accounts.

Active and hidden accounts

Every account has a Show status that determines whether the account appears when recording transactions. NoCFO comes with a set of basic accounts already activated, which is enough for most small companies. Don't be alarmed by the total number of accounts — you'll never need to use most of them.

You can hide or activate an account at any time from the Accounts tab.

Creating a new account

Go to the Accounts tab and click "New account". Fill in the following information:

Account number is the account's unique number. Choose a number that isn't already in use. As a good rule of thumb, look at existing accounts for reference and choose a number from the same range as similar accounts.

Name is the account's description. Give the account a name that describes its purpose.

Type determines the account's nature in the bookkeeping. The account type affects, for example, which report the account appears in and how the dashboard figures are calculated. → See: VAT treatments and account types

VAT treatment and VAT rate are the account's default settings for VAT treatment. Once a default treatment is set for the account, NoCFO automatically calculates VAT correctly when recording a transaction. The treatment can always be changed per transaction. → See: VAT treatments and account types

Editing and deleting an account

You can edit the account's name, number, type, and default settings afterward. An unneeded account can be deleted from the account's settings.