hey it's patti scharf CPA and co-founder of catching clouds the leader in
e-commerce accounting and today we're going to be answering a question there
was a question asked on our Facebook group the catching clouds Academy for
e-commerce sellers group somebody was asking hey what's what happens if I
already have the Xero files set up I've already got my chart of accounts and
things are all kind of set up but I want to use the e-commerce chart of accounts
that's included in the accounting for Amazon or accounting for Shopify course
that we have you can get information for both of those down below what if I want
to use those that chart of accounts what's it going to do if I import it
into my file and I wasn't entirely sure so let's go find out all right so that's
what we're doing today let's go into settings and we're gonna go to chart of
accounts if you don't see it here you can go to general settings and it'll
give you the list of all the reports so you go to chart of accounts and this
gives you a list of all of the accounts that are being used in your accounting
file all we do is we go and we export that and it will create a CSV file with
a listing of all of this information now what we're going to do is we're going to
go in and make changes in the CSV file to a bunch of different things just so
that we can see what happens okay the fields that are required is anything
with an asterisk so code account name type tax code okay now let's see the
first thing we're going to do is we're going to change some of these account
codes just to see what kind of happens to that I'm going to use five digits so
that we can see what changes were made and then let's do let's change the
checking account to to a current asset and just kind of see what happens okay
so I'm not entirely sure what's going to happen and then for the savings account
we'll call that Chase savings account
let's try deleting a couple of accounts I know that the historical adjustment is
a required account zero so if we delete it I'm curious to
see what happens with that um let's see what else for let's say advertising
let's let's try deleting that because that's not a required one actually
instead of changing that or deleting it let's just change that to promotional
and see what happens there and let's delete this one instead 604 so bank
charges is going away and let's add one another one just called some random
account okay of the same settings as this one and let's see and that's pretty
much all I can think of so let's save this file we're going to go back to zero
and we're going to import that alright you do not want to select yes for
importing account balances this is not the way you want to make changes in your
file you would only use this if you're starting with a brand new file and
you're setting your conversion date blah blah blah that's beyond the scope of
this video if you're just changing names and account numbers and descriptions
then just say no and then go find your file and import it alright now let's go
see what happened it'll give you kind of a summary of everything that went on I
think this because it's a demo company and it's got other stuff going on in the
background it's got extra stuff in here that is beyond the scope of what we just
did so I'm just gonna click confirm and see what actually changed okay alright
so I think it was the checking account that we actually changed to be a current
asset so I'm going to keep this as a bank account and I'm curious to see what
happens here to save okay so it duplicated the bank
accounts that's fine by me if I didn't like that probably I would
just go in here and directly change the account code and the name instead of
trying to import new information it just makes it too messy I think so I wouldn't
do that with the bank stuff let's go look at the historical adjustment
remember I deleted that one but it stayed there it's locked so that's
probably why it didn't get rid of it and then we went down to let's see
advertising it changed the name and we got rid of bank account like the bank
charges I don't see that here and I added this random account and it's in
there but everything else looks like it didn't mess with it let's go over to
archive and it got rid of advertising and it got rid of bank charges so see
how their amounts here again you might want to just go right into these
accounts if you want to change them well this one we deleted it so so what this
is telling you is that there's there are transactions that were coded to bank
charges and they are still coded to bank charges so you didn't mess anything up
but this account is no longer going to be able to be used for coding your
transactions okay you're gonna have to pick a different account same thing I
think with advertising I think that's what's going on here okay but then
you've got new accounts that basically replace them okay alright and I think
that's it so I hope that helped and if you have any other questions feel free
to leave them down below and maybe I'll do another video follow-up on this one
but I hope that helped and if you like this video please like comment share if
you haven't already please subscribe and I'll
you later