Chart of Accounts - An Overview

The Chart of Accounts is a list of the accounts that you will use for recording transactions in your ledgers.

These include:

  • Checking and savings accounts
  • Transaction accounts for the payment processors (PayPal, TransFirst or Stripe)
  • Liabilities or escrow accounts
  • Income Budget Line Items
  • Expense Budget Line Items

Four Categories in the Chart of Accounts:

  1. Assets
  2. Liabilities
  3. Income
  4. Expenses 


Each listing in your Chart of Accounts is associated with a Membership Toolkit Account Number.  You can also set-up your list of chart of accounts using your own account numbers.  Defaults for account numbers are:


Asset Accounts: 1001-1999

Liabilities: 2001-2999

Income: 4000-4999

Expenses: 5001-5999


Editing Account Names

To edit the name on the account, select the account number. You can edit the account name and the description associated with the account number.


Deleting Accounts

Once an account has a transaction associated with it, you will be unable to delete that account. Prior to an account having a transaction tied to it, you can delete it. 

  • Go to the Accounts tab
  • Select the account number that you want to delete
  • If you are able to delete the account, the “delete” button will be in the bottom right corner.