During a new install, we are always challenged to get a chart of accounts established.
We don’t know the client well enough to know what financial reports they need/rely on and they don’t know our software to know what they need/don’t need.
Our first approach is to ask how your accounts currently work, how they’re laid out and what their typical usage is.
Optionally you can provide us with a chart you are used to using from either your accountant or current software, we at Marango will then enter this into the system for you, or we can set our default chart up for you. whatever option you choose we can tailor an account list to suit your needs.
Below is an example of the default primary accounts Marango will set up.
Once we set up the default header accounts we will seek guidance on how you would prefer to have each detailed account set up. If you were unsure at the time of initial onboarding, or an account that was rarely used needs to be added, you can add these yourself at a later point.
To add a new account click the + New Account button in the top left of the Chart of Accounts screen.
Select if the account is going to be a header or detail account by clicking the relevant button.
Setting up a detailed account is used in the example above, however, a header account only requires a Category, account codes and a name to be entered.
Entities can be assigned to accounts allowing for better expense and income tracking for units, and other miscellaneous items you may wish to keep track of.
Enter a code and name for the entity, If the entity being created is a child of another entity you can select the parent for it, the parent needs to be entered first.
Once you have completed the entity detail & assigned all required child entries to parents click the OK button to add the entity to the list of available entities.
Payment methods can be selected and assigned to each account and are only available for direct bank accounts (Cash, Card, etc). An example of the options available is listed below, If you require extra payment methods than the included default ones, click the New Payment Method button to add an extra line.
Enter a Name for the payment type, select the required options, if a prefix is required eg USD for an international account. Click OK to apply the changes.