Accounting is available on Pro and Prime plans

A Chart of Accounts is key to your bookkeeping, accounting, and reporting. They’re like a map that helps you categorise your transactions correctly and group similar accounts together for reporting and analysis.

The Chart of Accounts (CoA) in Fiskl can be filtered by account type as well as displaying the list of all accounts. The CoA is split across the following five account types:

Assets

Assets are anything of value that your business owns. An asset can be something tangible like cash, a bank account, property, or a piece of equipment. Or it can be something intangible, like patents, copyrights, or trademarks.

Examples of common asset accounts include bank accounts like checking or savings accounts, inventory, buildings or equipment, and accounts receivable, which is money your business is owed by customers for products or services you’ve provided.

A payment account (category) is any account that you use to deposit funds or to spend money.

Liabilities

Liabilities are any debts your company has, whether it’s bank loans, mortgages, unpaid bills, sales taxes or any other sum of money that you owe someone else. A liability is if you’ve promised to pay someone a sum of money in the future and haven’t paid them yet.

Equity

Equity represents the difference between your assets and liabilities and measures the net worth of your business. For instance, equity is what would be left over if you sold all your business assets and paid all your debt.

You add equity to your business when you or someone else invests money in the business. You draw equity from your business by taking money from it for personal use

Income

Income categories show how much a company has earned. A debit to an income account reduces that amount and a credit to an income account increases the income for the company.

Expenses

Expense categories show how much a company has spent. A debit to an expense account increases company expenses and a credit to an expense account reduces it.

Fiskl provides a comprehensive selection of the most used expense accounts for example, advertising & promotion, it’s also easy to add more categories based on your own business needs. Using expense accounts helps you track your different business costs to gain a clear picture of your entire business.

Your Chart of Accounts (CoA) is available from the Accounting section in Fiskl. From here you can view a full list of accounts, filter, search, expand all, add a new account, edit an account, and archive.

Was this article helpful to you?

No, not really

Comments are closed.