To show you how to add, edit, and delete accounts in Magnifi, ensuring your Chart of Accounts stays accurate and aligned with your reporting needs.
When setting up your Chart of Accounts for the first time.
When adding new accounts not yet imported from Xero or CSV.
When editing account names or account configurations, including categories or divisional allocations.
When removing accounts that are no longer required (subject to restrictions).
Go to Chart of Accounts and click Add.
Enter the account name. Once added, the account will appear at the top of the list.
Complete the fields provided, including:
Account Category
Division (if applicable)
GST
Account Type (if required; options depend on the account characteristics)
You can also import accounts from Xero or Excel/CSV. After import, you will have the opportunity to review accounts before saving.
If multiple accounts share the same characteristics (e.g., same Account Category), tick the box next to one item to Copy Down the option across the selected accounts.
Go to Chart of Accounts.
Click on the account name and update it directly.
Any change will automatically update the account name in Projections.
If the account has already been mapped to Xero, Magnifi will still match the account on import via account ID.
Go to Chart of Accounts.
Click the red X symbol next to the account.
⚠️ You will receive a warning message if prior actual values exist. If you proceed, historical actual data may no longer match your accounting records.
To avoid issues, consider:
Reallocating those values to another account.
Archiving the account instead by clicking the green storage box icon on the far right.
You can add as many accounts as you like to make projections meaningful. Consider also adding the accounts in your internal accounting system to align actual vs budget reporting.
If an account name you added is slightly different to the imported account, use Merge Accounts to combine the values.