Manage the Chart of Accounts

An Account is a record in your Chart of Accounts that can be synced in from a connected general ledger, or created and managed in Maxio directly. You do not need a general ledger integration to maintain a Chart of Accounts in Maxio. Where several Accounts are reported together, group them with Create and Use Account Groups.

How accounts link to items

If you are using Accounts, then Items in Maxio should be linked with one or more Accounts. Those linkages are set on the Item itself: see Review Item Fields for the account rules, and Add, Edit, and Remove Items for how to edit an Item.

Add and edit Accounts

Create an Account with Add Account at the top of the Accounts list. Edit or delete an individual Account using the menu icon to the left of it.

There is also a bulk edit function that allows you to edit the complete account list at one time.

What each account field sets

An Account carries the following fields.

The Accounts list also displays each Account's Currency, Source System, and GL Account Number, and you can filter on all three.

Set show in report filters

This setting decides whether the Account is offered as a filter when you build a finance report.

Choose your account types

If you are creating your Accounts yourself, add an income account for each income reporting category, and for each category that has deferred revenue. Also add a liability and an asset account.

Be sure to update any Items created automatically by syncing an integrated application such as Stripe, so the appropriate accounts are selected for accurate reporting.

When an Account cannot be deleted

Maxio blocks the deletion of an Account in any of these cases:

• An Item linked to this Account is in use. An Account linked to an Item that has Transactions or Invoice Line Items cannot be deleted. An Account linked to an Item that has never been used can be.
• The Account is linked to QuickBooks, Intacct, or NetSuite.
• It is an income Account with open balance entries. Maxio guards income accounts specifically here, because removing one could change the deferred revenue amount on a liability account.

Sync accounts from a general ledger

Keep the following in mind when syncing accounts with a connected general ledger.

Sync with QuickBooks

If you sync with QuickBooks, a set of Accounts is created automatically for you by copying the QuickBooks Chart of Accounts. A Maxio Account can be linked to a QuickBooks Account through the Linked GL Account field, and is linked automatically if it was created through the QuickBooks sync. Each sync copies the QuickBooks name onto the linked Maxio Account, so renaming the Account in Maxio does not hold: your edit is overwritten the next time the sync runs, and it never reaches QuickBooks. Rename it in QuickBooks instead.

Sync with NetSuite and Intacct

If you sync with NetSuite or Intacct, a set of Accounts is created automatically for you by populating the Maxio Chart of Accounts values in the Maxio Account names. As with QuickBooks, the NetSuite and Intacct Account names sync into Maxio and set the Maxio Account name. Changes made in NetSuite or Intacct also sync and update the Maxio Account name. Edits to Accounts made in Maxio do not sync back to NetSuite or Intacct.

Related information

To select several Accounts at once when configuring a report, see the Create and Use Account Groups help article.

For the Item fields that hold Account linkages, see the Review Item Fields help article.