Set Up Accounting: Chart of Accounts & Opening Balances | Britixo Accounting Software UK.

Introduction

Before you record any transactions in Britixo, you’ll set up the Chart of Accounts (CoA), add tax rates, and enter opening balances. This ensures every invoice, expense, payroll entry, or journal hits the right ledger from the start—no messy rework later.

✅ 1) Create or review your Chart of Accounts

• 🧭 Go to: Accounting → Chart of Accounts
  
  

• ➕ Add Account: Click New Account
  
  

• 🏷 Define: Code, Name, Type (Asset, Liability, Equity, Income, Expense), Currency (if needed)
  
  

• 📌 Tips:
  
  

• Keep codes logical (1000 Assets, 2000 Liabilities, …).
  
  

• Create sub-accounts (e.g., 4001 “Services income”, 4002 “Subscriptions”).
  
  

🧾 2) Add tax rates (VAT/GST or local taxes)

• 🧭 Go to: Settings → Finance → Taxes
  
  

• ➕ New Tax: Name (e.g., “VAT 20%”), Rate %, and whether it’s compound.
  
  

• 🧠 Use: Taxes appear on invoices/bills and flow to tax reports.
  
  

💼 3) Set your base currency & additional currencies (if needed)

• 🧭 Go to: Settings → Finance → Currencies
  
  

• ✅ Confirm Base Currency; ➕ add others with an exchange rate.
  
  

• 🔁 Update rates periodically for accurate reporting.
  
  

📚 4) Enter opening balances (as of your start date)

• 🧭 Go to: Accounting → Opening Balances
  
  

• 📅 Select Opening Balance Date.
  
  

• ✍️ Enter balances for Bank, AR, AP, Equity, etc.
  
  

• 🔒 Lock once checked so they don’t change by accident.
  
  

• 💡 If migrating mid-year, bring over YTD balances for P&L and period-end balances for the Balance Sheet.
  
  

📥 5) Import master data (optional, saves time)

• 🧭 Go to: Utilities → Import
  
  

• 📄 Import Contacts, Items, COA, Opening AR/AP via CSV.
  
  

• 🧪 Test with a small file first; then import the full list.
  
  

Pro tips

• 🧠 Use clear account names staff will recognise.
  
  

• 🧪 Test-post one sample invoice/expense and check the ledger impact.
  
  

• 🔐 Restrict who can edit the CoA after go-live.