How Do I Set Up My Chart of Accounts?

Your chart of accounts is the foundation of your bookkeeping. It’s the list of categories (Assets, Liabilities, Income, Expenses) used to classify every financial transaction.

Using the default chart of accounts #

If you’re new to bookkeeping or want to get started quickly:

1. Go to Accounting → Chart of Accounts.
2. Click Load Default.
3. Freelancer Dashboard pre-populates a standard set of accounts suitable for most freelancers — including Income, Operating Expenses, and the necessary asset and liability accounts.

Adding a custom account #

1. Go to Accounting → Chart of Accounts.
2. Click Add Account.
3. Enter the account name, type (Asset, Liability, Equity, Income, or Expense), and an optional description.
4. Save.

Account types explained #

• Asset — What you own (bank accounts, receivables).
• Liability — What you owe (credit cards, loans).
• Equity — Your net ownership in the business.
• Income — Revenue from clients and other sources.
• Expense — Business costs (software, equipment, travel).

You can edit or delete accounts at any time from Accounting → Chart of Accounts.

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