Setting up your chart of accounts from scratch can seem daunting. There’s a lot of planning and organization involved and figuring out the best way to set things up can feel overwhelming.
The good news is that constructing a chart of accounts isn’t all that difficult. However, the most crucial step is the initial setup because if set up correctly, your chart of accounts can be extremely effective.
So, to set up your chart of accounts the right way, we’ll dive into what a chart of accounts is, why your organization needs one, and how you can set one up that will be sure to benefit your business or nonprofit.