Select the bank icon on the left-side navigation. Select General Ledger.

Chart of Accounts

The chart of accounts is a list of all the categories you use to track your business finances in Shopmonkey. This includes what you earn, spend, own, and owe. Shopmonkey defaults your chart of accounts to a standard format, but you can customize it based on your preferences and reporting needs.

Add New Account

Select Add Account. 

You are able to set five attributes for your accounts.

• Parent: Select the parent account or category to which your new account will belong. This helps organize your accounts in a clear hierarchy
• Name: Enter the name you’d like to give this new account. This will appear on your reports and financial statements
• Type: Choose the high-level category for the new account (Assets, Liabilities, Revenues, Expenses, or Equity)
• Sub-type: The Sub-type will automatically populate based on the Parent account selected. You can edit the Sub-type if desired
• Normality: The Normality will automatically populate based on the Parent account selected. This determines how increases and decreases in the account’s balance are recorded. You can edit the Normality if desired

Select Save.

Edit an Existing Account

Hover your mouse over an account and select the edit icon.

Make desired changes. Please Note: Type for each account is locked. Select Save.

Journal

Create custom journal entries to make adjustments to accounts or add individual transactions.

Add Journal Entry

Select Add Entry.

Complete relevant fields. Ensure that the Debit and Credit amounts are the same. You can also Add next line to include multiple Debit and Credit adjustments in the same journal entry. Select Post.

To reverse a custom journal entry, select the entry and select Reverse.

Still have questions? Feel free to reach out to us through the chat icon. Thanks for reading!