If you do not have a current Chart of Accounts we will design a list of coded account categories for you e.g. Rent, Stationery, Sales etc.
The layout for a Chart of Accounts comes from two reports – the Profit and Loss account which uses income and expense accounts to show profit for a period and the Balance Sheet which uses asset, liability and equity accounts to show your financial position at a point in time.
During our review time before starting you on Xero, we will talk you through the setup of the categories so that you are able to easily and simply understand the accounts information presented to you in your management and year end accounts.
There will be a specific format or account group structure that makes sense for your business and so we will create a bespoke chart of accounts with your organisation in mind.
