Build Your Chart of Accounts
This article explains how to add and configure accounting and program codes in your account settings to classify expenses and revenue accurately in Mazlo.
Add an Accounting Code
A well-structured chart of accounts is essential for creating an accurate and insightful profit and loss (P&L) statement. By categorizing expenses and revenue with specific accounting codes, you can better track financial activities, generate meaningful reports, and ensure compliance with tax regulations.
Step 1: Open the Accounting Settings
On the left-side menu, select 'Settings.' Then from the settings menu, select 'Accounting'.
Open the Accounting Codes Tab
Click on the 'Accounting Codes' tab to start building your chart of accounts.
Step 2: Click 'Add Accounting Code'
First, select whether this code is an expenses or revenue code.
Enter the title of the accounting code.
Enter the accounting code number to match your chart of accounts.
Next, Click 'Select 990 Code' to choose the 990 Code that this accounting code represents.
Set Defaults:
Check the option to enable a revenue code for tax letter eligibility. *This will allow automatic tax letter generation for transactions coded with this accounting code.
Check the option to enable a revenue code as the default for all donation campaign payouts.
Check the option to enable a revenue code as the default for shared cost internal transfers.
Check the option to enable an expense code as the default for shared cost internal transfers.
Check the option to enable an expense code as the default for all donation campaign processing fees.
Review all the Details and Click Save
Add a Program Code
Program codes are an essential tool for managing project finances, providing a clear way to track restricted funds, meet grant reporting requirements, and analyze the financial performance of each program.
Step 1: Open the Accounting Settings
On the left-side menu, select 'Settings.' Then from the settings menu, select 'Accounting'.
Open the Program Codes Tab
Step 2: Add New Program Codes
Next, click 'Add Program Code.'
Once you've entered the program code's details, click 'Save.'
Success! The program code has been created. Next, enable it for a project from their profile.
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