When you create a new Project and select Build Manually as your setup method, you have chosen to assemble your Chart of Accounts one Element at a time.
You can always opt to change your method to Integrations at any time in the same project.
Building your project manually will lead you directly to the Element Settings workspace on the Forecast page. This workspace is where you will arrange your elements.
Between the Profit and Loss, Balance Sheet, and Driver areas, there are 15 Element Types to select from.
Castaway is designed to build accompanying accounts for specific elements. For example, Castaway will create an Inventory Element in your Balance Sheet when you select the Inventory Element in your Profit and Loss. This allows Castaway to build that connection between the movement of your Inventory and its balance.
Check out Element Types to understand what accounts you won't need to double-up on. Castaway has thought of this for you.
One of the benefits of manually building out your Chart of Accounts is you can change the Element Settings and Enter Forecast Data as you set up each individual element.
IMPORTANT: Check your default Tax rates before you start adding your data. Learn more about that process HERE
Adding elements
- Decide where you want the element to be (where in your Chart of Accounts)
- Hover your cursor over the section to trigger the + icon
- Click on the + icon to add a new element
- Some sections will only provide you with one element as an option (e.g. Sales and Balance Sheet elements) whereas others will provide you with a few more (e.g. Expenses)
- Once you have selected the most appropriate element type, give it a name and hit Enter to Save or click on the green tick