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Customize Your Chart of Accounts

Though CosmoLex provides a complete Chart of Accounts (COA) for your firm, you may need to add your own accounts, change account types, or create sub-accounts. 

Before customizing your COA, we recommend you consult with your accountant or a CosmoLex Certified Consultant.

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Add an Account

To add a custom account:

  1. From the left navigation panel, click Accounting.
  2. From the Accounting left navigation, click Chart of Accounts.
  3. From the toolbar atop the Chart of Accounts screen, click Add.
  4. On the Add Account screen, in the Number field, enter an account number. While these are typically four digits long, they can run as long as eight digits. We recommend using a number close in sequence to similar account types. You cannot duplicate an account number.
  5. In the Account Name field, enter an account name.
  6. In the Account Type field’s drop-down, click an account type.
    Note

    This is the most critical COA creation field as it determines how and where your custom COA will be represented on your Accounting Reports. If you are uncertain which type to use for your custom COA, consult your accountant.

  7. Check the Sub-Account of field to create a sub-category of an existing account, if desired.
    If you check the box, a drop-down displays accounts already included in this sub-category.
  8. In the Description field, enter a description for reference.
  9. In the lower right corner, click Save
    Your custom account is ready for use and displays in your COA list.

Edit an Account

To edit an account:

  1. From the left navigation panel, click Accounting.
  2. From the Accounting left navigation, click Chart of Accounts.
  3. From the toolbar atop the Chart of Accounts screen, click Add.
  4. On the Edit Account screen, make your changes.
  5. In the lower right corner, click Save
    The system saves your changes.

Delete an Account

Important

If an account has transactions associated with it, you cannot delete it, but you can make it Inactive

You can rename control accounts (with a key icon), but you cannot delete them.

To delete an account:

  1. From the left navigation panel, click Accounting.
  2. From the Accounting left navigation, click Chart of Accounts.
  3. On the Chart of Accounts screen, single-click the account you want to delete, highlighting it.
  4. From the toolbar, click Delete.
    The Delete Account message box reads: Are you sure you want to delete selected account?
  5. Click Yes.
    The Accounting screen updates to reflect your deletion.

Change an Account’s Status to Inactive

Changing an account’s status to Inactive ensures no further transactions are posted to it. Once pending transactions clear, you can delete the account.

To change an account’s status to Inactive:

  1. From the left navigation panel, click Accounting.
  2. From the Accounting left navigation, click Chart of Accounts.
  3. On the Chart of Accounts screen, either double-click the account, or single-click it to highlight it, then from the toolbar, click Edit.
  4. On the Edit Account screen, halfway down the left side of the screen, uncheck the Active box.
  5. In the lower right corner, click Save.
    This updates the account status to Inactive, preventing the posting of additional transactions to it. 
Updated on March 25, 2022

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