Optimize your chart of accounts and workflow for smooth operations.
Before you begin using Expense, it's important to configure your workflow and establish the necessary settings to ensure everything runs efficiently.
As a new company in Expense, you are provided with a basic chart of accounts, which is fully customizable to meet your specific needs.
Chart of Accounts
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Access the Chart of Accounts: Navigate to Administer > Chart of Accounts. Here, you can mirror your chart of accounts from your existing accounting software. However, include only the accounts that will be used by your team, to keep things streamlined and manageable.
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Smart Features: The Do Not Require Receipt option is a useful feature that can be applied to specific transactions, such as annual fees or rounding adjustments, allowing them to be processed without the need for a receipt.
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Account Management: Once a transaction has been posted to an account, that account can no longer be deleted. If an account is no longer needed, you can set it as inactive to prevent future use while retaining its historical data.
Bulk Update Accounts
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Mass Update: To update multiple accounts at once, go to Administer > Chart of Accounts and click on the three dots (⋮) next to the account list. Follow the on-screen instructions to perform batch updates.
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Importing Accounts: If you need to import accounts, you can do so by uploading a properly formatted accounts.txt file. A sample file is available, detailing the required structure and format for a smooth import process.
By following these steps, you can tailor your chart of accounts to fit your business needs and streamline your workflow within Expense.