Chart of Accounts

Please Note: You must be on an active Neat Books subscription or a Neat Complete subscription in order to take advantage of the features in this article.

A new feature to support Neat's bookkeeping experience is the Chart of Accounts which provides a complete listing of all accounts available in Neat to record transactions. The Chart of Accounts includes balance sheet accounts (assets, liabilities, stockholders' equity) and income statement accounts (revenues, expenses, gains, losses).

Chart of Accounts FAQs

What are the requirements to access the Chart of Accounts?

The Chart of Accounts is only available to Neat Books and Neat Complete plan users who have connected at least one account in Transactions. Users will be able to manage and edit categories as related to their own specific business and needs.

What is the Chart of Accounts?

A chart of accounts is a list of the categories used by an organization to classify and distinguish financial assets, liabilities, and transactions.

In Neat, the chart of accounts introduces the first form of list management within Neat and is only supported for transactions users and transaction categories. Users are able to add and remove categories as related to their own specific business and needs.

  1. Chart of Accounts
    Each Neat account will be set up with a default chart of accounts that supports 6 primary parent categories.
    • Income - Money received in exchange for goods or services rendered.
    • Cost of Goods Sold - Direct cost of goods to be sold.
    • Expense - Expenses incurred during normal business operations.
    • Assets - Equipment or resources owned by the business.
    • Liabilities - Debts owed by a business that include loans, accounts payable, etc.
    • Equity - The value of assets after liabilities are settled.
  2. Common Categories
    Common categories are the default sub-categories available under the parent categories listed in the Chart of Accounts column.
  3. Custom Categories
    Users will have the ability to add additional sub-categories under the parent categories via the custom categories section.

How do I access the Chart of Accounts?

  1. Click on your name in the top right corner, then click Chart of Accounts.

You can also access the Chart of Accounts from the Reconciliation section.

Click Chart of Accounts in the top right corner of the Reconciliation section

Can I customize the Chart of Accounts to fit my needs?

Neat is giving you the ability to add and edit custom Chart of Account categories. We're putting the power in your hands and letting you create your own journey within Neat that works best for your business and the way you work.

How do I create custom categories?

  1. Open the chart of accounts.
  2. Select the parent category from the 'chart of accounts' column where you want your custom category to be saved.
  3. Click Add Category under custom categories.
  4. Enter the name of your custom category and click Save.

    The new custom category will be saved under the parent category you selected in step 2.

Can I rearrange the order of my categories?

Categories will always be listed alphabetically to make finding a specific category easy and therefore cannot be rearranged. When viewed in the Chart of Accounts, there will be two lists of sub-categories for each parent category listed under the Chart of Accounts heading: one for Common Categories (these are the default categories) and one for optional Custom Categories which you can create as needed. When categorizing items you will see all Viewable sub-categories in one list regardless of whether they are Common Categories or Custom Categories.

Can I move custom categories?

You can move your custom categories to a different parent directory in the Chart of Accounts column. However, you can not have a category that duplicates the name of the parent directory or an existing category under that parent category. If you attempt this, you will see an error that states A category with the same name already exists. Category names must be unique.

To move a sub-category to a different parent category:
  1. Click the "3 dots" icon to the left of the category you want to move, then select MOVE.
  2. In the drop-down box, select a new location for your custom category. Click SAVE to confirm.

Can I delete custom categories?

At this time, you cannot delete a custom category once it's been created. You can however, choose which items you want to include in your chart of accounts by placing a check mark in fron to f all the categories you want to include.

Can I add accounts from within the Chart of Accounts?

You can now add new Asset and Liability accounts from within the Chart of Accounts by following the steps below.
  1. Open the chart of accounts.
  2. Select a Parent Category under Assets or Liabilities.
  3. Click Add Account.
  4. If you chose Bank under Assets or Credit or Loan under Liabilities, you will be taken to Transactions to connect your bank, credit, or loan account. Proceed to enter your account information to connect it to Neat.
  5. If you chose any other Parent Category under Assets or Liabilities, you will be able to create a new manual account. Enter the Starting/Opening Balance and adjust the Balance Date if needed. When finished click Save to create the account.
  6. Please Note:
    • You can only create one Cash account.
    • If you have not connected any streaming accounts under Transactions you will only be able to add accounts for Bank under Assets or Credit or Loan under Liabilities. After one streaming account is connected, you will be able to add manual accounts.

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