Castaway makes it easy to design your Chart of Accounts the way you want at any point in your budgeting process. The structure of your Chart of Accounts will affect the way your Profit and Loss and Balance Sheet reports appear.
In some elements, you can adjust the settings of each Element to further refine how that element is reported.
To begin managing your Chart of Accounts, navigate to Forecast > Element Settings.
Add a Section or Sub-section
The default chart of accounts includes Sections for Sales, Direct Costs, Overheads etc. you can add elements directly into any of these Sections.
If you want to add more structure to the chart of accounts, you can:
- add more Sections (note this is only possible for Sales, Direct Costs and Overheads section types)
- add Sub-Sections/Sub-Headings (to create sub-totals in the Profit & Loss report)
- add Sub-Subsections (to create sub-subtotals in the Profit & Loss report)
To add a Section to your chart of accounts, simply hover over the coloured line that appears under the last element in a an existing Section, click the + icon that appears and choose the New Section option from the dropdown list.
To add a Sub-Section, choose the New Sub-section option instead.
To add a Sub-Subsection, hover over a grey line that appears below a Sub-Section, click the + icon and choose the New Sub-Section option
Reorder the position of sections or sub-sections
You can reorder your section/sub-sections. Left click on the section/sub-section to select it, then drag it to the new location. When you see a blue line appear, drop the section/sub-section to place it.
Important Note
Please note that you can only add sections or subsections to the following section types:
- Sales (but not Other Income)
- Direct Costs (but not Other Expense)
- Overheads
- Other Assets/Liabilities
- Capital (only allows subsections)
- Driver Section (only allows subsections)
Rename or delete elements
You can Edit to rename your elements or Delete existing ones by right-clicking on the element and selecting the appropriate option.
Reorder the position of elements
You can even reorder your Elements. Click on the Element to select it, then drag it to the new location. When you see a green line appear, drop the element to place it.
Next Steps