Chart of Accounts

The Chart of Accounts in Manager.io is a structured list of all the accounts used to record financial transactions for your business. It is accessible under the Settings tab and provides a clear overview of your financial structure.

Overview

The Chart of Accounts is divided into two main sections:

• Balance Sheet (left side)
• Profit and Loss Statement (right side)

Balance Sheet

The Balance Sheet section houses your balance sheet accounts and groups.

Creating a New Balance Sheet Account

To create a new balance sheet account:

1. Click the New Account button on the left side.

   New Account

2. Fill in the account details as required.

For more information, see the Balance Sheet Account Form Guide.

Organizing Accounts into Groups

If you have multiple balance sheet accounts, you can organize them into sub-groups (e.g., Current Assets, Non-Current Assets, Current Liabilities, Non-Current Liabilities):

1. Click the New Group button on the left side.

   New Group

2. Define the group name and assign accounts to it.

Profit and Loss Statement

The Profit and Loss Statement section includes accounts, groups, and optional subtotals relevant to your income and expenses.

Creating a New Profit & Loss Account

To create a new profit and loss account:

1. Click the New Account button on the right side.

   New Account

2. Enter the necessary account details.

Categorizing Accounts into Subgroups

Organize your accounts into subgroups such as Direct Expenses, Operating Expenses, Other Income, and Other Expenses:

1. Click the New Group button on the right side.

   New Group

2. Set up the subgroup and assign relevant accounts.

Adding Custom Totals

To create custom totals like Gross Profit, Operating Profit, Net Profit Before Tax, Net Profit After Tax:

1. Click the New Total button.

   New Total

2. Configure the total to include specific accounts or groups.

This feature allows you to create an easy-to-follow, multi-step Profit and Loss Statement.

Reordering Accounts and Groups

You can reorder groups, accounts, and subtotals on both sides of the Chart of Accounts:

• Click the blue arrow icons next to an account or group to move it up or down.

Note: Built-in top-level groups (Assets, Liabilities, Equity) cannot be rearranged. However, when generating a Balance Sheet report, you can select layout options to display these groups in a different order.

Built-in Accounts

Based on the tabs you enable, Manager automatically adds built-in accounts to your Chart of Accounts. These accounts can be renamed to suit your preferences.

Balance Sheet Built-in Accounts

Here are some of the built-in accounts and how they are added:

• Cash and Cash Equivalents

  • Added when you create at least one bank or cash account under the Bank and Cash Accounts tab.
  • For more information, see the Cash at Bank Account Form Guide.

• Inter Account Transfers

  • Added when you create at least one bank or cash account under the Bank and Cash Accounts tab.
  • See the Inter Account Transfers Form Guide.

• Accounts Receivable

  • Added when you add at least one customer under the Customers tab.
  • Refer to the Accounts Receivable Account Form Guide.

• Accounts Payable

  • Added when you add at least one supplier under the Suppliers tab.
  • See the Accounts Payable Account Form Guide.

• Billable Time

  • Added when you create at least one billable time entry under the Billable Time tab.
  • For details, see the Billable Time Account Form Guide.

• Billable Expenses

  • Added when you enable the Billable Expenses feature.
  • Refer to the Billable Expenses Account Form Guide.

• Capital Accounts

  • Added when you add at least one capital account under the Capital Accounts tab.
  • See the Capital Accounts Account Form Guide.

• Employee Clearing Account

  • Added when you add at least one employee under the Employees tab.
  • For more information, see the Employee Clearing Account Form Guide.

• Expense Claims

  • Added when you add at least one expense claim payer under Expense Claim Payers in the Settings tab.
  • See the Expense Claims Account Form Guide.

• Fixed Assets at Cost

  • Added when you add at least one fixed asset under the Fixed Assets tab.
  • Refer to the Fixed Assets at Cost Account Form Guide.

• Fixed Assets Accumulated Depreciation

  • Added when you add at least one fixed asset under the Fixed Assets tab.
  • See the Fixed Assets Accumulated Depreciation Account Form Guide.

• Intangible Assets at Cost

  • Added when you add at least one intangible asset under the Intangible Assets tab.
  • For details, see the Intangible Assets at Cost Account Form Guide.

• Intangible Assets Accumulated Amortization

  • Added when you add at least one intangible asset under the Intangible Assets tab.
  • See the Intangible Assets Accumulated Amortization Account Form Guide.

• Inventory on Hand

  • Added when you add at least one inventory revaluation under the Inventory Revaluations tab.
  • Refer to the Inventory on Hand Account Form Guide.

• Investments at Cost

  • Added when you add at least one investment under the Investments tab.
  • See the Investments Account Form Guide.

• Special Accounts

  • Added when you add at least one special account under the Special Accounts tab.
  • For more information, see the Special Accounts Account Form Guide.

• Tax Payable

  • Added when you add at least one tax code under Tax Codes in the Settings tab.
  • See the Tax Payable Account Form Guide.

• Withholding Tax

  • Added when you add at least one withholding tax receipt under the Withholding Tax Receipts tab.
  • Refer to the Withholding Tax Account Form Guide.

• Withholding Tax Receivable

  • Added when you enable withholding tax for sales invoices under Withholding Taxes in the Settings tab.
  • See the Withholding Tax Receivable Account Form Guide.

• Withholding Tax Payable

  • Added when you enable withholding tax for purchase invoices under Withholding Taxes in the Settings tab.
  • For details, see the Withholding Tax Payable Account Form Guide.

• Retained Earnings

  • This account is automatically added.
  • See the Retained Earnings Account Form Guide.

Profit and Loss Statement Built-in Accounts

Manager also adds built-in accounts to your Profit and Loss Statement based on enabled features and transactions:

• Billable Expenses - Cost

  • Added when you enable Billable Expenses under Settings.
  • Refer to the Billable Expenses - Cost Account Form Guide.

• Billable Expenses - Invoiced

  • Added when you enable Billable Expenses under Settings.
  • See the Billable Expenses - Invoiced Account Form Guide.

• Billable Time - Invoiced

  • Added when you record at least one billable time entry under the Billable Time tab.
  • For more information, see the Billable Time - Invoiced Account Form Guide.

• Billable Time Movement

  • Added when you record at least one billable time entry under the Billable Time tab.
  • See the Billable Time Movement Account Form Guide.

• Investment Gains/Losses

  • Added when you record at least one investment market price under Investment Market Prices in Settings.
  • Refer to the Capital Gains on Investments Account Form Guide.

• Currency Gains/Losses

  • Added when you create at least one foreign currency under Currencies in Settings.
  • See the Currency Gains/Losses Account Form Guide.

• Fixed Assets Depreciation

  • Added when you create at least one depreciation entry under the Depreciation Entries tab.
  • For details, see the Fixed Asset Depreciation Account Form Guide.

• Fixed Assets Loss on Disposal

  • Added when you mark at least one fixed asset as disposed under the Fixed Assets tab.
  • See the Fixed Asset Loss on Disposal Account Form Guide.

• Intangible Assets Amortization

  • Added when you create at least one amortization entry under the Amortization Entries tab.
  • Refer to the Intangible Assets Amortization Account Form Guide.

• Intangible Assets Loss on Disposal

  • Added when you mark at least one intangible asset as disposed under the Intangible Assets tab.
  • See the Intangible Assets Gains/Loss on Disposal Account Form Guide.

• Inventory Sales

  • Added when you add at least one inventory item under the Inventory Items tab.
  • For more information, see the Inventory Sales Account Form Guide.

• Inventory Cost

  • Added when you add at least one inventory item under the Inventory Items tab.
  • See the Inventory Purchases Account Form Guide.

• Late Payment Fees

  • Added when you create at least one late payment fee under the Late Payment Fees tab.
  • Refer to the Late Payment Fees Account Form Guide.

• Rounding Expense

  • Added when you create at least one sales invoice with rounding enabled under the Sales Invoices tab.
  • See the Rounding Expense Account Form Guide.

Summary

The Chart of Accounts is a fundamental component of your accounting system in Manager.io. By customizing accounts, groups, and totals, you can tailor your financial reports to meet the specific needs of your business. Remember to regularly review and organize your Chart of Accounts to ensure accurate financial reporting.

For further details on specific accounts and features, refer to the linked guides provided throughout this document.