Last Updated: Oct 29, 2020 8:10 AM

How to Setup Chart of Accounts in Connection Card Pro

To access your Chart of Accounts, use the Menu on the Left Side of Connection Card Pro and click on Financials, then Chart of Accounts. If you do not see this as an option, it's possible that you have not been granted permission to access the financials or accounting features. Please speak with the user responsible for administering your organization's Connection Card Pro account to ask for those permissions to be added to your user account. They can make these changes in Manage > Administrative Users.

Tax Classifications

Before setting up your Chart of Accounts, we recommend going to Financials > Tags and selecting the Tax Classifications tab. Choose from IRS Form 990, IRS Form 990-EZ, IRS Form 1120 and Revenue Canada Form T2, based on your organization's tax filing requirements. Then, you'll be able to assign Income and Expense accounts to a tax classification which matches your organization's tax filiing requirements.

Adding a Fund

Your first step is creating the funds or ledgers used in your organization. Scroll down to Equity Accounts (Funds). Clicking on the Add button on the far right of the Account Type Heading will create a Group within that Account Type. Groups are used for organizational purposes only. Below that heading you'll see a subheading for each Group. For example, Unrestricted Net Assets and Restricted Net Assets. Click the add button next to the group's name to add a new fund. You can also edit / remove a fund using the Edit / Remove buttons on the right side of each fund.

The following information is requested for a Fund:

• Acct Number: This is an internal number assigned to this account to help order and sort your funds.
• Name: This is the name of the fund.
• Fund Type: Choose Unrestricted Funds or Restricted Funds. Connection Card Pro does not enforce this, it is merely for organization.
• Currency: Choose the currency for this fund.

Adding an Account

To add Accounts, scroll to the section representing the type of account you wish to add (Assets, Liabilities, Income or Expenses). Just like with Funds, you can add a Group using the Add Button on the far right of the Account Type heading, or add an account by clicking the add button next to the name of the group.

Asset and Liability Accounts
The following information is requested for an Asset or Liability Account:

• Acct Number: The internal number assigned to this account for ordering/sorting your accounts.
• Name: The name of this account.
• Account Type: If this account is an Accounts Receivable / Accounts Payable account or a Register, choose that here, otherwise select "None". (What is a Register? See below.)
• Activity: Select the activity which best represents this account.
• Parent: If you'd like to create a sub-account, select this account's parent account. Otherwise, choose None

Income and Expense Accounts
The following information is requested for an Income or Expense Account:

• Acct Number: The internal number assigned to this account for ordering/sorting your accounts.
• Name: The name of this account.
• Fund: The Fund that this account is associated with.
• Tax Classification: The tax classification which best represents the transactions associated with this account. This tax classification will be applied to each transaction which is added to this account, but can be overwritten on an individual transaction basis at the time of recording the transaction. In Financials > Tags and then selecting the Tax Classifications tab, you can choose which set of tax classifications to use based on your Organization's Tax Filing Requirements.

What is a Register?

A Register Account is used to record transactions and would typically represent a tangible account, such as a Bank Account or a Credit Card. Long-Term Loans and Fixed Assets usually would not be Register account.