Switching to Fynlo from another accounting system can feel overwhelming, especially when your old chart of accounts is cluttered or doesn’t match Fynlo’s default setup.
This guide helps users migrating to Fynlo streamline their accounts, keeping only what’s necessary, renaming accounts to fit your business, and disabling irrelevant accounts.
By the end, your Fynlo setup will be lean, clear, and ready to manage your finances efficiently.
Step 1: Assets – Keep What Matters
Ensure your money tracking is accurate from day one:
- ☑ Bank – Your main operating account
- ☑ Cash – Physical cash or petty cash
- ☑ Accounts Receivable – Track client invoices
- ☑ Undeposited Funds – Optional if you track deposits manually
- ☐ Deposit – Optional if recording client deposits
❌ Disable: Inventory accounts, Leasehold Improvements (unless renting office space)
Step 2: Liabilities – Keep Only If Applicable
Most migrating users will only need essential liability accounts:
- ☑ Accounts Payable – Track unpaid bills
- ☑ Unearned Revenue – If clients pay upfront
- ☑ Sales Tax (GST/VAT) – Keep if registered
- ☑ Income Tax Payable – Track your tax obligations
❌ Disable: Accrued Purchases, Salary Payable, Manufacturing Overhead
Step 3: Equity – Keep It Simple
Your ownership and retained profits accounts usually remain unchanged:
- ☑ Share Capital – No changes needed
- ☑ Retained Earnings – No changes needed
Tip: Leave these accounts untouched—they reflect your ownership structure.
Step 4: Income – Rename to Match Your Business
When migrating, rename accounts so your income categories are clear and relevant:
| Default Account | Suggested Name | Action |
|---|---|---|
| Sales | Client Services Income / Consulting Income / Retainer Income | ☑ Keep |
| Other Income | Keep relevant categories | ☑ Keep |
| Interest Earned | Keep | ☑ Optional |
| Gain/Loss on FX | Keep if invoicing internationally | ☑ Optional |
| Sales Return | Disable | ❌ |
Tip: Clear income categories help you reconcile migrated data and make reporting easier.
Step 5: Cost of Goods Sold – Only If Applicable
Keep only if your business involves subcontractors or material reselling:
- ☑ Cost of Goods Sold – Subcontractor costs or materials
- ☑ Purchases – Same as above
- ☑ Purchase Return – Same as above
❌ Disable if not applicable.
Step 6: Expense Accounts – Keep What You Actually Use
Focus on the expenses relevant to your business:
- ☑ Software/Subscriptions – Tools for your business
- ☑ Marketing & Advertising – Promotion costs
- ☑ Telephone – Business phone line
- ☑ Travel – Client meetings or business trips
- ☑ Meals & Entertainment – Only business-related meals
- ☑ Utilities – Home office or coworking space
- ☑ Rent – Office or coworking space
- ☑ Accounting & Audit Fees – Professional services
- ☑ Insurance – Business or professional insurance
- ☑ Bank Charges – Account fees
- ☑ Stripe Fee – Payment processing fees
- ☑ Bad Debt – Clients who don’t pay
- ☑ Miscellaneous Expenses – Small uncategorized costs
❌ Disable: Manufacturing Overhead, Freight In/Out, Workers’ Compensation (if solo), Inventory Adjustment / Finished Goods Inventory, Cleaning (unless office), Write-Off Fixed Assets (if no assets)
✅ Pro Tips for Users Migrating to Fynlo
- Review old accounts – Only migrate relevant accounts.
- Rename accounts clearly – Helps reconcile old data in Fynlo.
- Disable unused accounts – Keeps your chart simple and manageable.
- Check opening balances – Ensure migrated balances match your previous system.
- Test reports – Make sure income, expenses, and liabilities are reporting correctly before fully switching.
Migrating to Fynlo is a chance to start fresh with a clean, simple Chart of Accounts, making your bookkeeping faster, easier, and more accurate.