Hurdlr Pro offers advanced accounting features, including the Chart of Accounts (COA). The COA is a financial organizational tool that lists all of the accounts from the General Ledger (GL) and shows the current balance of each account. This helps you easily understand your business’ financial position.
The COA is organized into different sections based on the account type:
Assets
Liabilities
Equity
Income
Cost of Services/Goods Sold
Expenses
Other Income
Other Expenses
Suspense (TBD by Accountant)
There are various sub-accounts within each account type. You can drill-down into each section by clicking on it to understand the GL accounts making up the totals.
Customizing the Chart of Accounts
In Hurdlr, you can customize your COA by adding custom GL accounts that you’d like to track and deleting GL accounts that you don't need to track.
The Accounting section, which includes the COA and GL, is only available in the Hurdlr web app.
To Add a Custom GL Account:
Click ‘Accounting’ on the left side of the web app
Select ‘Chart of Accounts’
Click the ‘+Add Account’ button
Enter the ‘Account Name’ that you’d like to use
Enter the ‘Account Number’ that you’d like to use
Make sure to adhere to the following numbering convention:
10000s: Asset accounts
20000s: Liability accounts
30000s: Equity accounts
40000s: Income accounts
50000s: Cost of Service/Good Sold accounts
60000s: Expense accounts
70000s: Other Income accounts
80000s: Other Expense accounts
90000s: Suspense (TBD by Accountant)
Select a ‘Parent Account’ from the drop-down
Based on the ‘Parent Account’ you select, the ‘Account Type’ will be completed
Select the ‘Account Subtype’ from the drop-down
Click the ‘Save’ button
Assets are things you own that can be used towards future economic growth/benefit. Liabilities are things you owe.
To Edit a Custom GL Account:
Click ‘Accounting’ on the left side of the web app
Select ‘Chart of Accounts’
Drill-down to the account you want to edit
Click the edit icon on the far right
Makes your changes
Click the ‘Save’ button
To Delete a GL Account:
You can delete many default and custom GL accounts so long as they meet certain criteria, such as having a zero balance and not actively being tracked. To delete a GL account:
Click ‘Accounting’ on the left side of the web app
Select ‘Chart of Accounts’
Drill-down to the account you want to edit
Click the edit icon on the far right
Click the ‘Delete’ button at the bottom
If you try to delete a GL account that cannot currently be deleted, you'll get an error, which will walk you through why the account cannot be deleted and how to fix the issue.
Drilling Down in the Chart of Accounts
To understand the transactions and journal entries making up the totals in your COA, you can drill down into each account.
To do so:
Click Accounting on the left side of the screen and select ‘Chart of Accounts’
Click on an account type and parent account to view the individual GL accounts
Click on a GL account that you want to view the details for
You’ll be directed to the General Ledger with a filter automatically applied for that GL account
To learn more about using the General Ledger, click here.