Complete template chart of accounts

mattatcd

Wave creates an initial chart of accounts based on the type of business you choose when you start. I'm assuming there is a much larger list of predefined accounts that Wave chooses from. Is the complete list of predefined accounts published somewhere? Or even better, when I create new accounts in my own chart of accounts, can I choose from the list of predefined accounts instead of creating new accounts completely from scratch?

Mikeg

@mattatcd,
I don't believe there is a template list as you mentioned. You can however, edit or add any accounts you wish. If you are in the US, I would suggest having accounts specifically listed on the tax form you are required to fill out. From there it will be more of a personal choice. I tend to lean more on the minimal side unless a client wants to know how much they are spending on a particular item. You would also have accounts that may accumulate significant expenses. For example, if you sell online and have a lot of shipping costs, then it would be appropriate to have a shipping account. On the other hand someone with minimal shipping costs like myself would be classified as office expense.
Hope that helps.

ChelseaK

@Mikeg Thanks for your awesome advice, as usual!
@mattatcd To add to Mike's answer, if you are curious to see what Chart of Accounts populate for each business type, you can create test businesses in Wave to see the Chart of Accounts that appear for a specific selection. As Mike said, you can add any accounts to your actual business as needed