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How do I set up my Chart of Accounts (CoA) and payroll journal service? by Hero Academy Training

Updated

Overview

A chart of accounts is a way of categorising costs, expenses, and other transactions related to running a business. You allocate the funds that move through your business to an account type listed in the chart of accounts, making sure the correct categorisation of every transaction.

There are two ways to set up a journal connection, either via an API integration or via a downloadable file. The API integration options allow you to connect one of the following accounting platforms with your Employment Hero Payroll platform and transfer data between the two platforms:

  • Freshbooks
  • Freeagent
  • Xero
  • Sage
  • Zoho

For all other accounting platforms, the file option will allow you to set up a downloadable journal file that you can download from your Employment Hero Platform and then upload into your accounting platform.

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FAQs

  What is a chart of accounts?  

A chart of accounts is a way of categorising costs, expenses, and other transactions related to running a business. You allocate the funds that through your business to an account type listed in the chart of accounts, making sure the correct categorisation of every transaction.

A business will typically have different accounts for expenses, such as rent, utilities, and payroll/wages. It is also common for a business to break this down further by attributing payroll by location, cost centre, or both.

  What is a journal service?  

A journal service is a feature that allows you to connect your accounting software with your payroll platform so that you can capture journal entries to the chart of accounts. For example, if you use Xero for your accounting software and journal service, and Employment Hero for your payroll, you would simply connect Xero with Employment Hero Payroll via the journal service integration section.

  What type of journal services are available??  

There are two ways to export your journal data from your Employment Hero Payroll classic platform:

  1. Use one of our software integrations between Employment Hero's payroll classic platform and one of the following accounting software providers:
  2. Export a journal file from your payroll platform that you manually upload into one of the following supported accounting software:
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