Chart of Accounts help categorize your Accounting entries by type, giving you the ability to run valuable reports such as Profit and Loss, Balance Sheet and General Ledger. Your CosmoLex software came with a full slate of Charts of Accounts (COAs) so you can hit the ground running to create a financial picture for your office. However, there are times when you may want to create your customized COA to track specific financial information relevant to your firm. To do this, simply follow the below steps. 

  • First, click on the Accounting tab in your software.
  • Then click on Chart of Accounts.
  • When there, Click Add.

When you hit the Add button, the Add Account screen appears. There you will find the three critical boxes to enter in order to create your custom COA. 

  • Number - Each COA is assigned an identification number for easy tracking. Typically this number is four digits long but the system allows you to enter eight digits as an identification number. It is a good idea to use a number close in sequence to COAs of the same type. 
  • Account Name - This is where you will create the name for your custom COA.
  • Account Type - This is the most critical entry of your COA creation. This will determine how and where your custom COA will be represented on your Accounting Reports. If you are unsure what type your custom COA should be, seek the advice of your accountant. 

Your CosmoLex software also allows you to create a Description for your custom COA.

  • After you have entered and verified all of the information on the Add Account screen, select the Save button in the lower right-hand corner.

  • Once saved, your custom COA will have been created and you may start attaching transactions to it.