Choose a chart of accounts
Your chart of accounts is the foundation of your accounting system. It's essentially the listing of all accounts you'll use to code each transaction. You can choose how you'd like to start off with your chart of accounts in Xero.
Choose a chart of accounts:
- using the default chart of accounts already in Xero
- by importing a file containing your list of accounts
You might want to choose this option if:
- you're a new business just starting out, or
- you don't want to bring account balances into Xero, or
- your balances can be entered against the default accounts.
On the next screen of the Setup Guide you can make a list of accounts suitable for daily use in your business by:
- reviewing and changing the details of the ones that are there
- adding more accounts
- deleting ones that you don't need.
Or leave the accounts just as they are.
Xero offers some different options for importing your chart of accounts from somewhere else. The imported file will replace the default chart of accounts.
When you get to the next screen you'll be able to choose where your chart of accounts comes from:
Import file exported from another Xero organisation
If you have another organisation set up in Xero, you can export its chart of accounts as a CSV file and import it into this new organisation.
Import file based on Xero template format
Create your own chart of accounts in CSV format or adapt a chart of accounts you've used in another system and import it, as long as it's in the same format as a Xero chart of accounts.
Download one of these filesthis file as a starting point for creating your own chart of accounts file. They'reIt's based on the default chart of accounts.
Chart of accounts for a GST registered organisation (accounts have specific GST treatments)
Chart of accounts for a non-GST registered organisation (accounts are all BAS Excluded)
Import file from MYOB or BankLink
You can import a chart of accounts file that contains accounts you've exported from MYOB or BankLink.
Follow our guidelines to check your accounts before exporting them from MYOB or BankLink to make sure they're named and in a format Xero can support. Depending on how you've been managing your accounts up until now, this won't necessarily be a big deal - just things like ensuring accounts all have unique codes and names, and that for accounts you want to bring into Xero, they have account types that Xero understands.
Xero supports chart of accounts files exported from:
- MYOB Accounting or AccountRight Standard
- MYOB Accounting Plus or AccountRight Plus
- MYOB Premier or AccountRight Premier
- MYOB Premier Enterprise or AccountRight Enterprise
- MYOB AccountEdge
- BankLink Practice.
Keep the current chart of accounts
If you've come back to this screen from further along in the setup process, you can start over with your chart of accounts by choosing one of the options above, or keep the chart of accounts that you'd previously selected.