The business itself, kept separate from your personal profile, and you can have as many as you run. Each one keeps its own Chart of Accounts and its own books.
Setting up a Business Entity: the business itself, kept separate from your personal profile. You can have as many as you run, and each keeps its own details, its own Chart of Accounts and its own books.
Pick the sample closest to what you do and copy it. Renaming and deleting from a real chart is far quicker than building one from an empty list, and the samples arrive with the CRA's GIFI codes already against the accounts, so your books speak the language a Canadian filing expects.
If the entity already has accounts, it tells you rather than quietly doubling everything up.
In G/L Control Settings, and the one thing on this page worth slowing down for. It sets where your financial year starts and stops, and once a year has been closed it cannot be changed.
If you are unsure, check what your last filing used. Getting it wrong is not a five-minute fix.
The rest of that screen is ordinary: which account is the bank, which is receivables, which is retained earnings. You are pointing the program at the accounts it will use on its own, so a posted Invoice knows where to go without asking you every time.
One entity per business, not per bank account. Separate entities are for separate businesses that file separately.
Do the chart before the first Invoice. Charge Types point at revenue accounts, so the accounts need to exist first.
Delete freely from the sample. An unused account is clutter on every report.
Yes, as many as you run. Each has its own chart, its own books and its own logo on an Invoice.
Before you have posted anything, it is easy to prune and rename. The sample is a starting point, not a commitment.
Then you can still change it. It is only fixed once a year has been closed.
A Business Entity is the business itself, kept separate from you. And you can have as many as you run. Each one keeps its own details, its own Chart of Accounts and its own books. Start by copying a sample Chart of Accounts. Pick the one closest to what you do. It is far easier to rename and delete from a real chart than to build one from an empty list.
If the entity already has accounts it tells you so, rather than quietly doubling everything up. And there is your chart. Assets, liabilities, equity, revenue, expenses, with the CRA's GIFI codes already against them. Now the one that matters. G/L Control Settings, and the first year end date. Take a moment over this one. It sets where your financial year starts and stops, and once a year has been closed it cannot be changed.
Everything else here is ordinary. Which account is the bank, which is receivables, which is retained earnings. You are pointing the program at accounts it will use on its own, so an Invoice knows where to post without asking you every time. Do this once per business, and the rest of the Accounting simply works.
Free plan · no credit card · set up in a couple of minutes.
Start free