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Chart of Accounts: Create sub-accounts

Started by David Anon -   in Accounting

Is there a way to create a sub-account within the 'chart of accounts'?

I have an account named 'refurbishment' which contains all sorts of items from purchase of furniture through to replacement of flooring, and numerous other expenses all lumped together. When a report is created, it's very hard to discern what went where and when, other than seeing a very large number at the bottom.

The obvious way to do this would be to break it out into sub-accounts. But how?

The way to handle this in Xero is to use Reporting Templates.

Create your chart of accounts at the lowest level of detail you need, then create templates for your reports that structure these accounts in whatever hierarchy you like. When that template is is applied to the report, you will only see the results at the highest level. If you want to see a lower level of detail, you click the line in the report and you will see the individual items that make up that number (depending on how you created your template).

Templates are also useful if your accountant prefers to classify/name accounts differently to your own preferences.

Danny Mensingh  

Danny, thanks for your help. I've added accounts at lowest level of detail in chart of accounts.

Now trying to generate a report for "account transactions" with these multiple accounts, but there doesn't seem to be a way of doing it.

I'm reading the help sections on templates - but these seem to apply to invoices more than reports - at least that's my understanding at this point but still working on it.


David Anon  

still can't figure out how to make a report detailing expenses from, say, four expense accounts to provide a summary of project costs over a given period.

any ideas?

David Anon  

succeeded in making a 'layout' option that makes a group and tacks it onto the end of P&L - but still can't get a project report.

David Anon  

Hi David,

Yes, sorry I meant Reporting "Layouts".

For tracking by Projects, you might consider using "Tracking" categories (it's under Settings -> General Settings -> Organisation -> Tracking). You could create a category called "Project". Then you can assign a project to all your transactions. Many Xero reports allow you to filter the report by tracking categories.

Danny Mensingh  

Danny, thanks again. Much appreciated.

I'm already using 'tracking' to tally inventory purchases against sales (categories are created for each client and placed in purchase invoices against particular lines, then another category is used to say whether item has been invoiced or not – which I had hoped could be done automatically, as in QB online for example, but it isn't – I put in a feature request FWIW).

David Anon  

Hello buddy, yes you can create sub account in chat of account.

Colin Middleton  

how can I create sub account in chart of account?

Peng Hong Ong  

Hi everyone, right now you can't create sub accounts in Xero. Your reports can be customised to group accounts in the Profit & Loss and Balance Sheet, showing separate balances or rolling them up to show the one total. Another option is to use Tracking to report of specific areas of your organisation.

Make sure you also check out our new reports that are being rolled out over the next year, they have much more flexible, editable layouts that will hopefully help you out!

Matt O (Community Manager)