Build a chart of accounts from scratch
CynthiaHolt
Member Posts: 6
Is there way to startover the setup such that I can setup my own chart of accounts from scratch? Setting up for my wife's business and she only needs a very simple chart of accounts. Balance sheet is only bank, a/r and equity. She has minimal expenses and they are all handled in cash so she has no liabilities. P&L is 2 revenue accounts and maybe 5 expense accounts.
The default I got was 42 accounts. I guess I can delete unused accounts but right off the bat I'm not seeing a delete account option. I don't want to start with unused accounts.
Thanks!
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Hey @CynthiaHolt !
As you already noticed, all Wave accounts come with pre-populated default accounts on the Accounting > Chart of Accounts page. However, many of these accounts can be deleted by pressing the pen icon beside them. If there are no transactions allocated to the default accounts, you can press the pen icon and prevent them from future use. This will remove them from your Chart of Accounts page completely. If you are looking to create your own accounts, you can do so by pressing the "Add a New Account" button in the top right corner of the page.
Sorry for the delay in getting back to this. So I'm circling bck to this topic: There are some accounts that do not have the pen icon to edit. Under Assets, AR and Money in Transit; under Liabilities, AP and Payroll Liabilities; under Income, Uncategorized Income and Gain on Foreign Exchange... and so on. AP and AR I would keep even though my wife is likely to not use them. Bit the others are useless to her business. Is there a different template to use that doesn't have these mandatory accounts included? Or that will let me archive them to remove them from the financials?
Michael
So I tried a couple of other templates: It apears that Gain on foreign Exchange always is included in Income and Loss on foreihn Exchange is always included in Expenses. That seems like a very really specific item to include in a generic chart of accounts with no option to remove. Some of the other accounts did disappear. So this ltest one is workable and I'll just have to live with those 4 dead accounts. But I would suggest making ALL accounts editable.
Michael
Hello @CynthiaHolt !
Glad you were able to find a template that works for you, and thank you for your suggestion.
I just want to clarify here that the Accounts Receivable and Payable are used by Wave internally, as well as Gain and Loss on Foreign Exchange. This is why they are always included with each Wave account.
I would add one more short coming of these accounts that I just discovered. I prefer my chart of accounts to be numbered. I see on the edit screen where you can add account IDs to accomplish this. However, the previously mentioned "automatic" accounts do not have the edit pen so I am unable to add a number to those.