Managing Chart of Accounts

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

The Chart of Accounts serves as the backbone for all financial transactions within Re-Leased. This guide will assist you in managing your Chart of Accounts, whether you're using Re-Leased with Client/Trust Accounting or as a standalone platform without Xero integration. Understanding how to add, edit, import, archive, and restore accounts ensures you maintain an organized and efficient financial system for your property management needs. 

Check out Section 4 of our self-guided learning video for an interactive demo: Settings for Trust Accounts

For our European users, see Settings for Client Accounts (EMEA)

Creating a New Account 

To access the Chart of Accounts, click on the Settings tab from the main menu. Within the Accounting section, select Chart of Accounts.

1. Click on the Create New Account button. 
2. Select the Account Type from the dropdown list. 
3. Input a unique Code for the new account. 
4. Enter the Name for the account, ensuring it's unique. 
5. Choose the Default Tax value. 
6. If this is a bank account, mark Enable Payments to this Account. 
7. Select Save Account to finalize your new account. 

Note: Your selectable Tax types are determined by your Tax Type settings and might vary with different Account Types. 

Importing Account Codes 

To add multiple accounts through import: 

1. Select Import from the Chart of Accounts Settings.
2. Use the Browse function to locate and select a file. 
3. Review the message panel to ensure all entries are correct (green check marks indicate this). 
4. Click on Import to add the new accounts. 
   
   

Editing an Account 

1. Select the account Name from your Chart of Accounts list. 
2. Make necessary changes to the Account Type, Code, or Name (keeping in mind the need for uniqueness). 
3. Adjust the Default Tax setting as required. 
4. Add or change the Budget Cost Classification Type, if needed, for budget organization. 
5. Click Save Account to apply the changes.
    

Archiving an Account 

1. Click the respective Name of the account. 
2. Press Archive, then confirm when prompted. 
   
   

Restoring an Archived Account 

1. Switch to the Archived Accounts tab. 
2. Find the account you wish to restore and click Restore. 
3. Confirm the restoration when asked. 
   
   

With these steps, you are well on your way to effectively managing your Chart of Accounts within Re-Leased, ensuring accurate financial tracking and streamlined property management operations.