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When entering a transaction, the transaction amount is allocated to an appropriate account. A standard profit and loss statement can then be printed for the business to show income and expenses generated by the business.

Take a look at this quick overview of accounts:

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Setting up accounts

You can set up your accounts using the Easy Setup Assistant or in the Accounts command centre (see Set up accounts).

Deleting or deactivating accounts

Have an account you no longer need? If it hasn't been used, you can delete the account. Otherwise you can make the account inactive.

Inactive accounts have a shaded zoom arrow in your accounts list, like this example:

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Editing accounts

You can edit some account information in detail accounts, for example, the Account Name, Account Number, Description and Banking details.

You can't edit the Account Type if you have cheques or deposits recorded against the account. You're also not able to edit the Account Type and Account Number of top level header accounts.

You can edit the account numbers of detail accounts to change the order they appear in. Each 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.

Other functions on the Accounts List window

Budgets

Combine Accounts

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