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Quick Start Guide - Chart of Accounts
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Your BIG4books.com account is initialized with a standard Chart of Accounts that you selected
when you created your BIG4books.com account. You will most likely have to adjust your Chart of Accounts to match your business practices.
For example, if you are managing real estate, you may want separate rental income accounts for each of your rental properties.
Similarly, you may want separate real estate tax expense accounts for each property.
Tip - We use the word 'account' in two ways. When referring to your 'BIG4books.com account',
we mean your service setup on BIG4books.com. When referring to accounting software 'accounts', as in 'Chart of Accounts', we are
referring to the normal accounting terminology for 'account', which is a separate ledger account for keeping track of some
element of your business finances.
To change your Chart of Accounts, login as a user as described in 'User Login'. Then in the
Accounting Menu click on 'System', then 'Chart of Accounts', then 'List Accounts'. This will bring up a display of your
current Chart of Accounts and will look similar to this: |
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| To add a new account, for example, 'Rental Income, 75 Main St, Unit 1', click on 'Add Account', then fill in the various
selections on the Add Account screen, then click 'Save'. The Add Account screen appears as follows: |
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| After Saving the new account, it will show up in the Account Listing as follows: |
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Tip - Plan your chart of accounts carefully based on the needs of your business. You can
always add or delete accounts as needed, but you should leave empty 'space' in the account numbers so you can add related
accounts as you need them. Group your account numbers by category. In the above example notice that Asset accounts are
1000 to 1999, Liabilities are 2000-2999, etc. Also consider that when generating reports such as Balance Sheet or Income
Statements, the accounts will print out in numerical order within Asset, Liability, Equity, Revenue, and Expense groups.
Tip - The above example started with the US Service Company chart as selected during account
creation. You will likely want to remove the accounts that don't make sense for your business. Or you may simply edit the names
of the existing accounts by clicking on the account number in the 'Account' column of the Account Listing display. This will
bring you to the 'Edit Account' screen where you may change the account definition and Save it |
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