Skip to main content

Chart of Accounts

This guide explains the Chart of Accounts in Fiskl — what it is, how it's structured, and how to manage it for your business.

What Is a Chart of Accounts?​

The Chart of Accounts (CoA) is the foundation of your accounting in Fiskl. It's the complete list of ledger accounts used to categorise every financial transaction in your business.

Fiskl provides a default set of commonly used accounts to get you started. You can customise this list by adding, editing, or archiving accounts to match your business structure.

To access your Chart of Accounts:

  1. Select Accounting in the left menu
  2. Select Chart of Accounts

You can view accounts filtered by type using the tabs at the top, or view the full list together.

Account Types​

Your Chart of Accounts is organised into five account types. Each type groups related ledger accounts and determines how transactions are reported.

Assets​

Assets are resources your business owns that have economic value. They appear on your Balance Sheet.

Examples include:

  • Cash and bank accounts
  • Accounts receivable (amounts owed to you by clients)
  • Inventory
  • Equipment and property

Assets are classified by liquidity — how quickly they can be converted to cash. Current assets (such as cash) are more liquid than non-current assets (such as equipment).

Liabilities​

Liabilities are financial obligations your business owes to others. They also appear on your Balance Sheet.

Examples include:

  • Bank loans and mortgages
  • Accounts payable (amounts you owe to vendors)
  • Sales taxes collected but not yet remitted

Liabilities are classified as current (due within a year) or non-current (long-term obligations).

Equity​

Equity represents the net worth of your business — the difference between your assets and liabilities. It appears on your Balance Sheet.

Equity increases through profitable operations or capital contributions. It decreases through losses, dividend payments, or share buybacks.

Income​

Income accounts track revenue earned through your business activities. They appear on your Profit and Loss report.

A credit increases an income account. A debit decreases it.

Expenses​

Expense accounts track the costs of running your business. They also appear on your Profit and Loss report.

A debit increases an expense account. A credit decreases it. Expenses are subtracted from income to calculate your net profit or loss.

Managing Your Chart of Accounts​

Adding a New Account​

  1. Select Accounting > Chart of Accounts
  2. Select Add account
  3. Select a Parent account if this is a sub-account
  4. Enter the Account name
  5. Add a Description to help identify the account's purpose
  6. Select a Currency for the account
  7. Select an Account type
  8. Select Create Account

Editing an Account​

  1. Select Accounting > Chart of Accounts
  2. Find the account you want to edit
  3. Select the edit icon
  4. Update the relevant fields
  5. Select Save Changes
info

Editing an account name updates it everywhere in Fiskl, including existing transactions and reports.

Archiving an Account​

You cannot delete an account that has transactions linked to it. Instead, you can archive it to hide it from active use.

  1. Select Accounting > Chart of Accounts
  2. Find the account you want to archive
  3. Select the archive icon

Archived accounts no longer appear in dropdowns when categorising transactions. To view and restore archived accounts, select the Archived tab.

Default Accounts​

Fiskl assigns certain ledger accounts as defaults for specific transaction types — for example, the account used for sales income or bank fees. You can review and update these defaults in Settings > Accounting Settings.

Why does account structure matter for reporting?

The way your Chart of Accounts is structured directly affects how your financial reports look. Reports like the Profit and Loss and Balance Sheet group transactions by account type and sub-type. A well-organised CoA means your reports reflect your business accurately and make it easier to spot trends, prepare tax filings, or work with an accountant.

If accounts are miscategorised — for example, an expense recorded under assets — your Balance Sheet and Profit and Loss will both show incorrect figures.