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.
Navigate to Settings / Accounting / Chart of Accounts.
Table of Contents
- Understanding the Chart of Accounts
- Creating Custom Accounts
- Edit a Custom Account
- Filtering the Chart of Accounts
- Setting Custom Accounts Inactive
- Deleting Custom Accounts
- Reactivating Custom Accounts
Understanding the Chart of Accounts
1. The Chart of Accounts screen is made up of five tabs that list the five types of accounts 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), or how much it costs to create an item.
e. Expenses – Costs incurred during business.
Note: System Accounts are labeled as such in the list and cannot be deleted or edited.
Creating Custom Accounts
Custom Accounts allow you to add accounts to 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 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, then click the account type tab (Assets, Liabilities, Income, COGS, or Expenses) for the account to be added.
2. Click the Add GL Account button.
3. A New Account dialog will open for the type you selected. Enter the 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. Sub-accounts are accounts under a parent account.
Note: Selecting a parent account here will make this account a sub-account.
4. Click Save.
Edit a Custom Account
1. Navigate to Settings / Accounting / Chart of Accounts, then click the account type tab for the account to be edited.
2. Select the custom account to be edited.
Note: Use the actions button on the right for that row if you would like to set the account to inactive or to delete.
3. An Edit account dialog will open. Change the account information as needed (Account Name, Account Number, Account Type, Parent Account).
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.
4. Click Save.
Filtering the Chart of Accounts
1. Navigate to Settings / Accounting / Chart of Accounts, then click the account type tab you want to filter.
2. In the search box, enter a keyword to search. This will filter the chart of accounts for that account type.
3. Settings icon controls what is displayed.
a. Include Inactive – When enabled, inactive accounts will be listed so you can manage or reactivate them.
4. When a keyword is searched for an account type, the matching accounts and sub-accounts for that type will show in the list. Use the pin option, if available, to keep a filter applied when you leave the screen.
Note: Inactive accounts may appear in italic or otherwise indicated in the list.
Setting Custom Accounts Inactive
1. Navigate to Settings / Accounting / Chart of Accounts, then click the account type tab for the account to be set inactive.
2. Select the custom account to be set inactive.
3. Click the Actions button on the right for that row.
4. Click Set Inactive.
Note: Only custom accounts can be set inactive.
Deleting Custom Accounts
1. Navigate to Settings / Accounting / Chart of Accounts, then click the account type tab for the account to be deleted.
2. Select the custom account to be deleted.
3. Click the Actions button on the right for that row.
4. Click Delete.
Note: Only custom accounts can be deleted. The Delete option may be disabled if the account is in use or has subaccounts.
Reactivating Custom Accounts
1. Navigate to Settings / Accounting / Chart of Accounts, then click the account type tab for the account to be reactivated.
2. Enable Include Inactive so inactive accounts are visible.
3. Find the inactive account in the list and click the Actions button on the right for that row.
4. Click Set Active.
Note: Only custom accounts can be set inactive and reactivated.