Overview
When you create a new Project and select Build Manually as your setup method, you assemble your chart of accounts one element at a time. This approach takes you directly to the Element Settings workspace on the Forecast page, where you will arrange your elements across the Profit and Loss, Balance Sheet and Driver areas.
You can always opt to change your method to Integrations at any time in the same project.
Before you Start
Check your default tax rates before adding any data. Incorrect tax rates applied after data entry may require rework. Refer to the article 'Setting up Tax Rates' for guidance.
How Castaway Builds Accompanying Accounts
Castaway automatically creates certain accounts when specific elements are added. For example, adding an Inventory element to the Profit and Loss automatically creates a corresponding Inventory balance element on the Balance Sheet, maintaining the connection between inventory movements and its balance. This means you do not need to create these accounts manually.
Refer to the article 'Element Types' to understand which accounts Castaway creates automatically, so you do not duplicate them.
Adding Elements
- Decide where in the chart of accounts the element should sit.
- Hover your cursor over the relevant section to trigger the + icon.
- Click the + icon to add a new element.
- Select the most appropriate element type. Note that some sections offer only one element type (for example, Sales and Balance Sheet sections), while others offer several options (for example, Expenses).
- Give the element a name and press Enter to save, or click the green tick.