Understanding your chart of accounts

Understanding your chart of accounts

Your chart of accounts is the list of "buckets" your business uses to organise its money — a bank account, sales income, rent, tax owed, and so on. Every transaction in NexerIQ lands in one of these accounts, which is what makes your reports add up. You'll find it under Finance → Accounts. Don't worry if this is new to you — NexerIQ sets up a sensible chart for you, and you only adjust it when you need to.

What each account shows

The Accounts grid lists every account with its:

  • Code — a short number such as 1100 used to identify and order the account.
  • Name — what the account is for, like "Sales" or "Office rent".
  • Type — the category it belongs to (asset, liability, equity, revenue, or expense).
  • Normal Balance — whether the account normally carries a debit or credit balance.
  • System and Status — whether NexerIQ created it automatically, and whether it's Active or Inactive.

Adding or editing an account

  1. Click New Account, then enter a Code, Name, Type, and Normal Balance. You can nest it under a Parent Account to keep things tidy.
  2. To change one, open its row menu and choose Edit. The code, type, and normal balance are fixed once an account exists — you can update the name, parent, and active status.
  3. Use Deactivate to hide an account you no longer use without losing its history, or Activate to bring it back.

Viewing activity and tidying up

  • Choose View Activity from the row menu to see an account's year-to-date balance, debits, credits, and a 12-month chart.
  • Delete is available only for accounts you created and that aren't used by the system.

Tip: Deactivate rather than delete when an account has any history — it keeps your past reports accurate while removing the account from new entries.

    • Related Articles

    • Journal entries and the general ledger

      The general ledger is the complete record of every financial movement in your business. The good news: NexerIQ writes most of it for you. When you issue an invoice, record a payment, or run payroll, the matching ledger entries are created ...

    • Setting up bank accounts in NexerIQ

      Why add your bank accounts Adding your bank accounts to NexerIQ lets you track where money comes in and goes out, import statements, and reconcile — so your books always match your real-world balances. Each bank account is linked to a ledger account ...

    • Finance settings: default GL accounts, receipt methods, and payment terms

      Finance settings is where you tell NexerIQ how to handle the accounting behind your day-to-day documents — which ledger accounts to post to, how customers pay you, and the credit terms you offer. Setting these once means invoices, payments, and ...

    • Exploring the general ledger with the GL Analysis pivot report

      The GL Analysis report lets you slice your general ledger any way you like — by account type, account, and period — using an interactive pivot table. It's the tool to reach for when a standard report doesn't quite answer your question and you want to ...

    • Finance reports: which one to use and where to find it

      Because NexerIQ records every transaction as it happens, your financial reports are always ready — no spreadsheets, no month-end scramble. This page is a quick map of the finance reports available under the Finance menu, so you know which one to open ...