Managing 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 Account Groups.

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 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.

Account fields

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

Show in Report Filters

Choosing 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.

Syncing Accounts

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

Syncing with QuickBooks

If you sync with QuickBooks, a set of Accounts is created automatically for you by copying the QuickBooks Chart of Accounts. While the Maxio Accounts are initially named after the QuickBooks Account Name, the Maxio Accounts are separate and distinct from the QuickBooks 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. Edits to the Maxio Account name do not sync back to QuickBooks.

Syncing 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. Unlike the QuickBooks Account name, which is a separate field, the NetSuite and Intacct Account names sync from NetSuite or Intacct to 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.