The chart of accounts is a foundational element in CoreBridge, providing a structured framework for organizing and categorizing financial transactions. Understanding the basics of the chart of accounts can assist with accurate accounting and financial reporting.There are preset accounts in the system that are labeled as System Accounts.These accounts are necessary for proper accounting and cannot be deleted or edited.The system does, however, allow for Custom Accounts to be added to fit your individual business needs.
Note: CoreBridge is not an accounting software.The system can track all accounts receivables (income) but cannot track accounts payables (expenses). However, all accounts will sync to a linked accounting system. To ensure that CoreBridge is able to seamlessly integrate with your accounting software, please be sure that all accounts are accurately accounted for and properly mapped before reconciling. For more information on Accounting Integrations Landing Page, please see Accounting Integrations Landing Page.
Table of Contents
- Understanding the Chart of Accounts
- Creating Custom Accounts
- Edit a Custom Account
- Adding a Subaccount
- Filtering and Pinning the Chart of Accounts
- Setting Custom Accounts Inactive
- Deleting Custom Accounts
- Reactivating Custom Accounts
Navigate to Settings / Accounting / Chart of Accounts.
Understanding the Chart of Accounts
1. The Chart of Accounts screen comprises of five tabs which list the five types of accounts that are in the system.
Note: All accounts in the system are listed by type.
a. Assets - Property or items owned by your business.
b. Liabilities - Amounts owed by your business.
c. Income - Incoming monetary value.
d. COGS - Cost of goods sold (production cost), how much it costs to create an item.
e. Expenses - Costs occurred during business.
Note: System Accounts are labeled in italic and can not be deleted or edited.
Creating Custom Accounts
Custom Accounts allow the ability to add accounts in the system for your business. There are no limits to how many custom accounts can be created and used. Required fields are marked with a red asterisk.
Note: The associated account name is the primary label in the system and must be unique. An account number is not required but if used must be unique.
1. Navigate to Settings / Accounting / Chart of Accounts, click on the account type tab for the account to be added.
2. Select the Green Plus icon.
3. A New Account screen will open for the type you selected. Input necessary account information.
a. Account Name - The name is required and must be unique.
b. Account Number - A number is not required but if used must be unique. Numbers can help with organization.
Note: The account number can be turned off system wide in Settings / Accounting / Accounting Options. For syncing with accounting software, the account name and number must be an exact match with your accounting software for reconciliations.
c. Account Type - An account type is required.
d. Parent Account - The parent account is the higher level account.
Note: Subaccounts are accounts under a parent account.
4. Click Save.
Edit a Custom Account
1. Navigate to Settings / Accounting / Chart of Accounts, click on the account type tab for the account to be added.
2. Select the account to be edited.
3. Go the Ellipsis on the right.
4. Click on Edit.
5. An Edit Asset Account screen will open, change the account information as needed.
a. Account Name - The name is required and must be unique.
b. Account Number - A number is not required but if used must be unique. Numbers can help with organization.
Note: The account number can be turned off system wide in Settings / Accounting / Accounting Options. For syncing with accounting software, the account name and number must be an exact match with your accounting software for reconciliations.
c. Account Type - An account type is required.
d. Parent Account - The parent account is the higher level account.
Note: Subaccounts are accounts under a parent account.
6. Click Save.
Adding a Subaccount
1. Navigate to Settings / Accounting / Chart of Accounts, click on the account type tab for the account to be added.
2. Select the parent account where the subaccount is to be added.
3. Go the Ellipsis on the right.
4. Click on Add Subaccount.
5. A New Account screen will open, add the subaccount information as needed.
a. Account Name - The name is required and must be unique.
b. Account Number - A number is not required but if used must be unique. Numbers can help with organization.
Note: The account number can be turned off system wide in Settings / Accounting / Accounting Options. For syncing with accounting software, the account name and number must be an exact match with your accounting software for reconciliations.
c. Account Type - An account type is required.
d. Parent Account - The parent account is the higher level account.
Note: Subaccounts are accounts under a parent account.
6. Click Save.
Filtering and Pinning the Chart of Accounts
1. Navigate to Settings / Accounting / Chart of Accounts, click on the account type tab for the account to be added.
2. In the search box, enter a keyword to search. This will filter your chart of accounts for that account type.
3. Select the Filter icon on the right.
4. The Filter Options window will open.
a. Include Inactive - All inactive accounts will be listed.
Note: Learn how to set accounts to inactive, reactivate or delete in this article.
b. Clear Unpinned - This will clear all unpinned filters.
Note: See step 5 below to learn how to pin a filter.
c. Clear All - This will clear the search box field.
5. When a keyword is searched in an account type, the searched accounts and subaccounts for that type will show in the list.
a. Pin - Click the pin icon on a filter to pin a filter. This will keep this filter option even if you move off this screen.
Note: Click on the pin icon again to remove the pin.
b. Remove the keyword in the search filter.
Note: Any Inactive accounts will be in italic.
Setting Custom Accounts Inactive
1. Navigate to Settings / Accounting / Chart of Accounts, click on the account type tab for the account to be set inactive.
2. Select the custom account to be set inactive.
3. Go the Ellipsis on the right.
4. Click on Set Inactive.
Note: Only custom accounts can be set inactive.
5. If multiple accounts need to be set inactive, check all the custom accounts that you want to inactivate.
6. Select Set Inactive.
Deleting Custom Accounts
1. Navigate to Settings / Accounting / Chart of Accounts, click on the account type tab for the account to be added.
2. Select the account.
3. Go the Ellipsis on the right.
4. Click on Delete.
Note: Only custom accounts can be deleted.
Reactivating Custom Accounts
1. Navigate to Settings / Accounting / Chart of Accounts, click on the account type tab for the account to be reactivated.
2. Click on the Filter icon on the right.
3. On the Filter Options screen, check Include Inactive.
4. Find the inactive account in the list and click on the Ellipsis on the right.
5. Select Set Active.
Note: Only custom accounts can be set inactive and reactivated.
