What are system Chart of Accounts?
System Accounts cannot be used for the Configuration of Wise-Sync Company Settings, as your Accounting Package blocks you from entering transactions or manual journals to some accounts, so you will need to create new accounts for your configuration settings.
System Accounts are set by the Accounting Package. They are used for specific reporting and accounting purposes. You won't see all the accounts on your Chart of Accounts as some of them are used on reports or in the background.
If you see the below error message it is because you are using a System Account.
Error Message:
The company offset account " configured is not a valid account.
Error Message Solution:
You will need to change your Wise-Sync Company Setting so you are not using a System Account. You can either select another Account that isn't a System Account or Create a New Account.Xero Accounts:
System Accounts:
- Accounts Payable
- Accounts Receivable
- Bank Revaluation
- Current Earnings
- Tracking Transfers
- Unpaid Expense Claims
- Unrealised Currency Gains
QuickBooks Online Accounts:
System Accounts:
- Accounts Receivable
- Accounts Payable
- Inventory Asset
- Sales Tax Payable
- Retained Earnings