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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. |
- Add an account for Plumbing services
- What account type is it?
- What prefix would you give it? (we want it to be the first account so allocate 4-1100)
- What tax code would you assign to it?
- Rename
- 4-1200 to Plumbing products
- 5-2800 to Plumbing purchases
- 5-3000 to Equipment hire
- 6-5800 to Telephone & mobile
- Delete 4-1600 Licensing income