We going to be taking you through how to add edit and archived accounts from your chart of accounts.
Let’s take a look so from time to time we may need to add edit or archive accounts from our chart of accounts and to do that we want to click on settings. And a chart of accounts now that’s not available in your favorites here what you can do is click on settings and general settings and take a little start and exit out of accounts. And then I’ll just make sure it’s always one click away and a good idea if you’re taking this opportunity to revise some of the accounts and you’re going to be working on this for quite a bit now while so this is what your chart of accounts looks like within Xero if you also went through and set up new Xero this should look pretty familiar to you so what we have from left to right all of our accounts but broken down to the various categories they fall into so we have assets all that all of our asset accounts under this tab all of our liabilities account etc.
We get to the archive where the archive is all the old accounts we did have that we’re not using anymore right all accounts will just show you all accounts. And what you can see inside your grid here is a bit of a summary and we have the account code the name of the account the type of the account the tax rate the deposited tax rate for that account.
And the year-to-date value doesn’t seem to continue just right now so what we want to do is create a brand new account and I’ll take you through a classic example. So let’s imagine at the moment I’ve got two two revenue accounts I’ve got a direct sales and an online account online sales account so let’s imagine we create one called referral sales okay or reseller and revenue or something to that effect okay so one of the things you want to keep in mind is this numbering system here each new account must have a unique number. And we will kind of want all about revenues to sit together so you want something that’s gonna sit in this area.
So we want something in the 200s and something that kind of fits in that sort of area and the easiest way to do that. We find it’s it scrolling down there’s a list for the thing you’re after or using a search like. We can here to go interested for exam interest for example and bringing up all the interests and trying to fit in what’s around it we find that the easiest solution is just to click the tab revenue then I’m just showing my revenue accounts. And then we can see all of my accounts and all the numbers in one place and we can make sure that I’m not gonna duplicate accidentally. Or we have to hunt around for a spear slot we can take so now I’m going to create one for 220 because that would fit quite nicely and to do that.
I’m going to click Add Account like so and we’ve added an account it’s going to ask me what my account type is and so I’m going to choose the same account type as the tab that we selected so in this case, it was revenue. And the code I’m going to use is the part that you don’t have to scratch your head about because we can see them all here there’s 220 and it’s gonna let me know that it’s available. If we typed in 210 we would say that’s not available so instead of having to hunt around you know exactly what is available now I’m gonna call this referral revenue. And we’ll call it a referral reseller living you poor answer via revenue earned from reseller sounds something like that oh geez does an income. Yes, we do want to view at my watch list don’t show expense claims and don’t enable payments that’s what your typical revenue account might look like. Cool, so there you go that’s how you add an account to your chart of account chart of accounts cool so let’s have a look at editing an account now edit any accounts pretty straightforward and if we click on all accounts we’ll find an account that we want to use it and you can use the search here.
And we’ll see what we come up with so we’ve got an let’s have a look we want to scroll right through here. We go now and getting into the Karen s it’s kind of my abilities to let’s pick and cleaning so I’ll call advertising. We’re going to rename this to marketing okay or maybe I’m gonna move it from 400 to for 10 we don’t know why you would but it is an account you simply click on it if we want to change the location so over here on the right-hand side it better preview about what these types determine for the default location of these accounts inside your standard reports.
Keeping in mind that we can actually customize other than a report customization area so at the moment overheads are set underneath depreciation top accounts and expensive type accounts. We might change that too in expense an account like so and it’s just gonna give me a warning saying hey um just a little you know that’s gonna update your future reports. And I’ll say yeah we know that’s all good. And meanwhile, we can change the number or the name just by overriding it here and clicking save. That’s how you update a chart of account now to remove a chart of account there’s a good example down here for inventory I’m not using Xero inventory so we don’t really want to see it in my chart of accounts because I’m not planning on using it either perhaps on the service-based company. For example, so I’m gonna click the accounts we don’t need we can put multiple if we don’t need them and we can click either delete so we click to delete that all obviously completely delete it.
You can only do that for a chart of accounts that have never had a transaction though so this has had any historical transactions in it at all then my only other option will be to archive. Like so an archiving or simply move it to my archive tab and it’s not going to pop up in my drop-down lists or anything like that yeah that’s the only benefit of archiving it. Really excellent there’s one thing to know about archiving is that the account will retain its number. So if you wanted to reuse the number 634 something else in the future then you’d want to rename this code before you archive it so to restore it and you’d have to restore it like so then edit it like so so via inventory cool. When we’d have to make that six-thirty and you know 61 for example save that and then we have it and that’s going to let a few sixth Beauty for something else if we choose to in the future.
So that’s how we add a chart of account edit a chart of account delete a chart of account and archive a chart of account and also why would do each of those things so hopefully, you found this article worthwhile.