Add, Edit and Delete Accounts in Magnifi | Chart of Accounts

Accounts - Add, Edit and Delete

Purpose

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 to Use

  • 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 Account Categories or divisional allocations.

  • When removing accounts that are no longer required (subject to restrictions).

How To

Add an Account

  1. Go to Chart of Accounts and click Add.

  2. Enter the account name. Once added, the account will appear at the top of the list.

  3. Complete the fields provided, including:

    • Account Category

    • Division (if applicable)

    • GST

    • Account Type (if required; options depend on the account characteristics)

  4. You can also import accounts from Xero or Excel/CSV. After import, you will have the opportunity to review accounts before saving.

  5. 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.

Edit an Account

  1. Go to Chart of Accounts.

  2. 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.

    • If the account has not been mapped to Xero, Magnifi will match the account on name if an identical account exists in Xero. See Import Accounts – Xero/CSV for mapping rules.

Delete an Account

  1. Go to Chart of Accounts.

  2. Click the red X symbol next to the account.

  3. 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 retain historical values, consider:

    • Reallocating those values to another account.

    • Using Merge Accounts to combine the account with another account. Direct deletion removes the account immediately. Merging the account will reassign values to another account before deletion.

    • Archiving the account instead by clicking the green storage box icon on the far right.

Tips/FAQs

  • 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.

  • If an account contains historical actual or budget values, avoid direct deletion. Use Archive or Merge Accounts to maintain integrity with historical reporting.