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Anchor11020061102006 Accounts List Anchor11020071102007In the Accounts List page, you can view, add, edit and delete accounts (or, make them inactive). You can also enter opening balances for new accounts, and view account tax rates. Anchor11019031101903

Accounts

Anchor11018921101892Accounts provide a means for grouping similar transactions. For example, if your business pays rent for the use of its premises, you would create a rent account and then allocate all rent payments to that account. Accounts also include your bank and credit card accounts. Anchor10767331076733

Account numbers

Anchor10767341076734Each account is identified by a unique five digit number. The first digit indicates the account’s classification (for example, accounts starting with 6 are expense accounts). The remaining four digits determine its location within the classification. The lower the number, the higher up in the list it appears. For example, account 1-1100 appears above 1-1200. Anchor10767351076735

Account types

Anchor10767361076736Each account must be assigned an account type before it can be used to track your business’s financial activity. You can choose from 12 different account types:

n Anchor10767371076737Banking, Current Assets, Fixed Assets (asset accounts)n Anchor

10767381076738Credit Card, Current Liabilities, Long Term Liabilities (liability accounts)

n Anchor10767391076739Equity (equity account)n Anchor

10767401076740Income, Other Income (income accounts)n Anchor

10767411076741Cost of Sales, Expense, Other Expense (expense accounts) Anchor10767421076742

Each account type serves a specific purpose. If you’re unsure about which type you should assign to a new account, ask your accounting advisor. Anchor10767431076743

Accounts list

Anchor10767441076744The accounts you use for your business are grouped in an accounts list (also known as a chart of accounts). When you registered and set up LiveAccounts, an accounts list was selected for you based on the business type you specified. You also reviewed this accounts list during setup. Anchor

10767511076751If any of the existing accounts that came with LiveAccounts don’t meet your business needs, you can edit them so that they do. You can also make an existing account inactive, add a new account, and in certain circumstances, delete an account.

Anchor10767531076753See the following sections for more information:n Anchor11256301125630

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