Chart of Accounts

Your out-of-the-box Nota chart of accounts. Tailor-made to support your solo or small law firm.

Income Statement = Expense + Revenue accounts

Balance Sheet = Assets + Liabilities + Equity accounts 

Nota contains Assets, Liability, Equity, Expense and Revenue accounts to prepare Income Statement, Balance Sheet and to view Cash Flow. In Nota, these are called Category Headers and provide an easy roll-up for the transactions you tag into Categories in your business checking.

 

Navigation

On the navigation menu on the My Accounts page you will now see “Bookkeeping” with 5 sub-menus:

• Chart of Accounts
• Income Statement
• Balance Sheet
• Journal
• Cash Flow

Category Headers:

What is a Category Header? 

A Category Header is a collection of Categories. The Category Header tells Nota how to structure your financial reporting. 

Category Headers come in 6 types:

• Income
• Expense
• Other 
• Assets
• Liability
• Equity

1. There are 02 Revenue (Income) category headers
2. There are 31 Expense category headers
3. There are 02 Other category headers
4. There are 11 Assets category headers
5. There are 03 Liability category headers
6. There are 04 Equity category headers

The Category Headers for Income Statement are displayed under Income Statement Accounts tab, and the Category Headers for Balance Sheet are displayed under Balance Sheet Accounts tab. The tabs are found at the top of the table.

Category Headers sit at the Organization level of your Law firm, above all your accounts. That means you can assign categories from multiple business checking accounts to the same Category Header, and it will roll up correctly on your Income Statement or Balance Sheet.

 

Interacting with Category Headers

Category Headers can be edited or deleted as you see fit to best fit your firm’s needs.

If you have previously created categories (in Income Statement Account) these categories will be assigned by default to 2 category headers:

1. Other Income - this will have all your income categories.
2. Other Expense - this will have all your expense categories.

Re-assigning categories to Category Headers is easy and the tagged transactions will move with them so you can make reporting present how you like without any rework!

In Income Statement Accounts, if you delete a category header, any assigned categories, and the tagged transactions within them will default back to Other Income or Other Expense.

In Balance Sheet Accounts, if you delete a category header, any categories associated with the header will be deleted and the transactions tagged to this category will be reassigned to Uncategorized list.

 

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