Accounts 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 expense account and then allocate all rent payments to that account. Take a look at this quick overview of accounts: HTML |
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<insert video? (from AR topic> Accessing your accounts listYou can see all accounts that are already set up for you by going to the Accounts command centre and clicking Accounts Listclicking your business name and choosing Accounts. <insert pic> When you created your company file, using <product name?> you selected a default accounts list to start with. This list may already have the accounts you need. If not, learn how to create detail and header add, edit and delete accounts,or import a list of accounts and delete accounts. If you're unsure, ask your accountant which accounts you should create, edit or delete 'll need (you can invite them to access your file online <product name?> businesss - see Invite a user to an online file). your accountant). Account numbersEach account is identified by a unique five-digit number. The first digit indicates the account’s classification (for example, accounts starting with 1 are asset 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. UI Text Box |
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