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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.
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- Set Up Accounting: Chart of Accounts & Opening Balances
- Record Transactions: Journals, Bills, Recurring & Transfers
- Bank Accounts & Reconciliation (CSV Import) in Britixo
- Trial Balance, P&L, Balance Sheet & Tax In UK Accounting
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🧠 Still need help?
Check out the full documentation or explore our video library or follow the link below to create a support ticket.
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