Goal:
Setting up chart of accounts, fixing chart of accounts, fix gl codes, how to fix gl codes.
Best Practice:
It’s likely that you’ll only need to relook at your chart of accounts if you’re adding, modifying or deleting accounts in your general ledger (GL). Anytime you make changes to your chart of accounts in your accounting software (such as Xero), you’ll want to ensure those changes are reflected in the Procurify Platform.
Example: The marketing team is looking to add a separate account to track their expenses related to content. The finance team will need to add the new account in your GL to house all these related transactions. You will then need to create a new account code in Procurify to track those expenses/requests in order to flow those data correctly into your GL.
Important! For QuickBooks Online users: Changes to your chart of accounts must be made directly in QuickBooks Online.
The Account Codes are the bread and butter of your budgets. They show you how your money is being spent across Budget categories and departments. Keeping your account codes maintained will give you a better understanding of your organization’s financial health at any given moment.
In Procurify, the account codes allow up to 2 tiers.