We use the accounts list to record, track, organise and report the financial activity of a business.
Before you start recording transactions you need to review the Accounts list provided by default and make any changes to it.
What does IckyLeaks need to do to the default Accounts List?
Let's review the default accounts list provided and modify it (add, rename and delete accounts) to meet IckyLeaks business requirements.
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Check that the default GST tax rates provided for accounts are appropriate for your business. If not, edit them. |
Walkthrough
Walkthrough and discuss how and why you'd do the following (all these accounts and activity needs to be done to be setup for activities that follow later)
(now ensure you allocate the most common tax code - S15/GST)
- Rename existing accounts
- 1-1110 to Westpac Bank Account
- 1-1120 to Savings Account
- 4-1000 to Plumbing Services
- 4-2000 to Plumbing Products
- Add an account for Plumbing Purchases
- What account type is it? (Cost of Sales)
- What prefix would you give it? (we want it to be the first account so allocate 5-1000)
- What tax code would you assign to it?
- Delete
- 2-1150 Mastercard #2
- 2-1160 Amex #2