Updating the Chart of Accounts
REI Hub allows you to add additional accounts and sub-accounts to your Chart of Accounts. Some important things to know:
- To ensure the Schedule E report works correctly, create new Revenue and Expense Accounts as sub-accounts beneath the existing default accounts.
- New Expense or Revenue Accounts (and therefore transactions booked to them) that are not created under the default accounts will not appear on the Schedule E report.
- They WILL appear on all of the Net Income reports.
- Adding a mortgage account automatically adds an escrow account as an asset account in addition to the main mortgage liability account.
- The existing default accounts cannot be renamed or deleted.
To update the Chart of Accounts:
1) Navigate to the Chart of Accounts page. Click the profile icon in the upper right to reveal the menu, and select Chart of Accounts.
2) Click Add Account.
3) Give your new account a name, and select an account type.
- Most often, you will be adding an Expense or Revenue Account so that you can track your funds in more detail.
- If you want to add a bank account or a credit card account, we suggest you do so through the Banking page.
- If you want to add a mortgage or loan account, we suggest you do so through the Loans page.
4) If you want your new account to be a sub-account, select a Parent Account to nest it under
- Sub-accounts will display differently on the Net Income and Schedule E reports. The Net Income reports show the lowest account a transaction is booked to, while the Schedule E only displays the totals in each top level account.
- As noted above: If you want your Schedule E report to work correctly, create new Revenue and Expense Accounts as sub-accounts beneath existing system defaults. New Expense or Revenue Accounts (and therefore transactions booked to them) that are NOT created under the default accounts will not appear on the Schedule E report. They WILL appear on any of the Net Income reports.
- If you do not want to create a sub-account, leave the Parent Account field blank.
5) Click Save Account, and view it on the Chart of Accounts page
- Click the edit pencil to change your new account's name, or click the red trash can to delete it.
6) Reach out to us with any questions!
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