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With Banana Accounting you can freely customize the chart of accounts according to the needs of your business. You can add or delete accounts and groups, edit descriptions, and organize the structure of totals and subtotals.
You can adapt the chart of accounts from the beginning, starting from the selected template, or modify it later, even during the year.
Depending on your needs, you can:
- modify the structure of the chart of accounts using the grouping system;
- switch to a new chart of accounts while maintaining continuity with existing data;
- reclassify the Balance Sheet to obtain a different presentation of the accounts.
In this way, the accounting structure can evolve together with your business, without giving up data continuity.
The grouping system
The grouping or totaling system defines how Banana Accounting calculates and displays totals and subtotals in the different tables, such as the Accounts table or the Categories table.
Using group levels, you can organize your accounting clearly and customize it to your needs. For example, you can:
- structure accounts into logical sections, such as Assets, Liabilities, Revenue and Expenses;
- add new totaling groups and subgroups;
- modify or delete existing groups;
- create total and subtotal structures suited to your reporting needs.
The multi-level grouping system therefore allows you to create customized balance sheet structures, adapting them to the type of business and to the way you want to present your accounting data.
▶ Video: Grouping and totaling system
Change chart of accounts
Over time, you may need to adopt a different chart of accounts. This can happen, for example, when your business needs change, you become subject to VAT, you switch to managing accounts in different currencies, or you want to use an accounting structure that is better suited to your situation.
Banana Accounting provides tools that make it easier to switch to a new chart of accounts while maintaining continuity with existing data.
You can update the account numbering and structure and transfer the necessary data to the new chart of accounts.
On the Change chart of accounts page, you will find step-by-step instructions, both when the change takes place during the year and when starting a new accounting year with an updated structure.
Reclassify the Balance Sheet
In some cases, you do not need to modify the chart of accounts used for transactions, but you may want to present the Balance Sheet using a different structure.
Reclassification allows you to reorganize accounts according to different criteria, so that you can obtain a Balance Sheet presentation that is better suited to specific analysis or reporting needs.
In this way, you can keep the accounting structure used in your daily work unchanged and, when necessary, obtain a different presentation of the data.
On the Reclassify the Balance Sheet page, you will find instructions and examples for setting up the reclassification.
With Banana Accounting you can freely customize the chart of accounts to analyze data by project, department or specific activity: you can add or delete accounts and groups, edit descriptions, and create new structures of totals and subtotals (grouping system), according to your operational needs. You can make these changes at the beginning, when you choose the template to start from, or during the year.
Cost and Profit Centers and Segments are two powerful tools for classifying and organizing transactions according to different criteria, allowing you to obtain detailed reports and targeted analyses without having to create additional accounts or complicate the accounting structure.
And if your business management evolves over time, you can easily adapt the account structure to new requirements while maintaining consistency and continuity in your data.
During the year as well as at the beginning of a new accounting year with an updated structure.