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The Xero organisation includes a default Chart of Accounts, which is perfectly suitable for simple straightforward businesses. If you choose not to use the default Chart of Accounts provided by Xero, you can import your own chart of accounts. Detailed information about converting from another accounting software system, including dealing with discrepancies, can be found in Chapter 3. Each of the options still allows you to edit the Chart of Accounts afterwards (see the sections ‘Adding a new account’ and ‘Deleting an account’, later in this chapter).

Australian and New Zealand users have the option of importing an existing chart of accounts file from Xero, MYOB or BankLink.

Interestingly, reports list accounts in alphabetical order, grouped by the account type.

Reporting within Xero isn’t driven by the account code structure. Selecting the appropriate account type and utilising reporting options is more important (see Chapter 9 for more).