Freelancers don’t need every account in Fynlo. Use this checklist to keep, rename, or disable accounts. Tick off each step as you go!
Step 1: Assets – Keep What Matters
☑ Bank – Your primary operating accounts
☑ Cash – Physical cash or petty cash
☑ Accounts Receivable – Track client invoices
☑ Undeposited Funds – Optional if tracking deposits manually
☐ Deposit – Optional if recording client deposits
❌ Disable: Inventory-related accounts, Leasehold Improvements (unless renting an office)
Step 2: Liabilities – Keep Only If Applicable
☑ Accounts Payable – Track unpaid bills
☑ Unearned Revenue – If clients pay upfront
☑ Sales Tax (GST/VAT) – If registered
☑ Income Tax Payable – Track your tax obligations
❌ Disable: Accrued Purchases, Salary Payable, Manufacturing Overhead
Step 3: Equity – Keep It Simple
☑ Share Capital – No changes needed
☑ Retained Earnings – No changes needed
Tip: Don’t touch these accounts
Step 4: Income – Rename for Freelancers
| Default Account | Suggested Freelancer Name | Action |
|---|---|---|
| Sales | Client Services Income / Design 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: Rename accounts to reflect your actual services
Step 5: Cost of Goods Sold – Only If Subcontracting
☑ Cost of Goods Sold – If hiring subcontractors or buying materials
☑ Purchases – Same as above
☑ Purchase Return – Same as above
❌ Disable if you don’t subcontract or resell materials
Step 6: Expense Accounts Freelancers Actually Use ✅
☑ Software/Subscriptions – Rename from Office Expenses if needed
☑ Marketing & Advertising – Promote your services
☑ Telephone – Business phone line
☑ Travel – Client meetings or business trips
☑ Meals & Entertainment – Business meals only
☑ Utilities – Keep if home office (internet, electricity)
☑ Rent – If paying for coworking space
☑ Accounting & Audit Fees – Professional services
☑ Insurance – Liability or professional insurance
☑ Bank Charges – Account and payment fees
☑ Stripe Fee – Payment processing costs
☑ 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
- Keep it simple – Only maintain accounts you actually use
- Rename accounts – Reflect your actual services
- Disable unnecessary accounts – Keep your chart uncluttered