Manage Categories/ Chart of Accounts

Acxite uses Receipt bot to revolutionizes the categorization of your expenses, eliminating countless hours spent on data entry and manual classification. Many users invest significant time and effort into data entry of bills or receipts and ensuring that each transaction is appropriately categorized.

Classifying expenses correctly is essential for meaningful reporting, and Acxite with Receipt bot applies advanced machine-learning techniques to categorize your transactions automatically. However, before the automatic categorization, uploading your chart of accounts to Acxite is essential.

In this article, we will discuss how you can manage your chart of accounts in Acxite for accurate assignment.

The following options are available related to managing the chart of account data in Acxite;

Option 1 – Manually add a category

You can use Acxite as a standalone tool for expense management; in this case, you can use the default chart of accounts created for you when you set up your business. To add custom categories to the default chart of accounts, please follow these steps;

Step 1 – Navigate to the “Master Data” page from the left side of the dashboard menu.

Step 2 – Click the “Categories” page.

Step 3 – Click the “Add Category” button.

Note: It is mandatory to fill out all fields on this form.

Step 4 – Enter the name, type and code for the category.

Step 4 – Click the “Save” button to confirm changes.

Your new category should be added now.

Pro-tip: You should apply this category to relevant documents so that Acxite can analyze those documents and assign them to future documents based on the identified pattern.

Option 2 – Import chart of accounts using a CSV template

If you already have a complete chart of accounts and want to use it instead of the default COA. You can import it by following these steps using a CSV template;

Step 1 – Navigate to the “Master Data” page using the business navigation menu.

Step 2– – Click the “Categories” page.

Step 3 – Click the ”Import Category” button.

Step 4 – Download the Category Import template.

Step 5 – Enter the details in the fields to the downloaded CSV template. 

The following data must be provided in the template;

• Code
• Category Name
• Account Type

Following is a list of the allowed values for the “Account types” column:

• Assets
• Liabilities
• Equity
• Income and Revenue
• Expenses and Costs

Note: You need to ensure that the account type value matches any of the above values, or the system may return an error.

Step 6 – Click the “Browse” button and select the CSV file.

The system will validate your list for the following checks;

• All fields are populated in each row.
• There are no duplicate values based on the Code or Category name.

Step 7 – Check the “Archive Existing Categories” option if importing a new set of categories and want to archive the default ones.

Step 8 – Click the ‘Import’ button to start the import process

Your chart of accounts should now be imported and available for use in the Acxite.

Option 3 – Update details for existing accounts

Step 1 – Navigate to the “Master Data” page using the business navigation menu.

Step 2 – Click the ‘Categories’ page.

Step 3 – Navigate to the “Edit” icon for the relevant category.

Step 4 –Update the category name or account type, or code.
You can also update the status to Archive”, which will disable using that category on any future documents.

Step 5 – Click the “Save” icon to apply the changes.

Your category should be updated now.

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