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Working with Accounts

Account Documents represent each of the basic account types detailed in the Chart of Accounts. For example you will have Balance Sheet Accounts such as Bank, Fixed Assets, Equity etc. and Profit and Loss Accounts such as Income, Expense and Cost Of Goods Sold.

When you create Transactional Documents, such as Sales Invoices or Bills, the associated Line Items post their respective values to Accounts as defined in the Item’s Accounting tab.

The Account Document allows you to view these transactions between a pre-specified or custom date range. This allows you to keep track of all sales and purchasing activity.

All account postings from Transactional Documents conform to the Double Entry Bookkeeping methodology.

How to create a new Account

New accounts are basically the same regardless of the type of account, except for subtle differences in the various different types, which will be indicated below.

  1. From the Explorer click AccountsChart of Accounts.
  2. This displays the Chart of Accounts.
  3. From the Action Bar click ‘Create Newplus.
  4. This displays the ‘Create a New Account‘ page.
  5. From here click on the type of account you wish to create.
  6. The associated new Account Document will be displayed (as shown below).

Create a new account

Create a new account

Common account details

When creating a new Account certain common details need to be completed.
See the Equity Account page example below.

Basic common account details

Basic common account details

Account name

The name of the Account. The Account name is mandatory and has to be unique.

Nominal Code

This is an optional unique number associated with the Account. The numbers are primarily used by accountants to categorize the different types of account. The typical number ranges are shown below.

1000 – 1999: Asset accounts
2000 – 2999: Liability accounts
3000 – 3999: Equity accounts
4000 – 4999: Income accounts
5000 – 5999: Cost Of Goods Sold
6000 – 6999: Expense accounts
7000 – 7999: Other revenue (i.e. interest income)
8000 – 8999: Other expense (i.e. income taxes)

Parent Account

You can specify a Parent Account here (which must be of the same account type). This allows you to group related accounts together within the Chart of Accounts. For example you may have expense accounts Gas and Electric/Water with a parent account of Utilities. Within the accounting reports this allows you to see at a glance the totals for Utilities, as well as for the constituent sub-accounts (as shown below).

Example of sub-accounts

Example of sub-accounts

Currency

If you are using multiple currencies specify the currency of the account here. See Working with Currencies.

NOTE:
Once the new account has been saved the currency cannot be changed.

Opening Balance

If there is an initial balance for the account enter it here, together with the date on which the balance was effective.

Cash Flow Category

These drop-down categories will specifically be used for the Statement Of Cash Flow report. The account must be categorized into

  • Operating,
  • Finance, or
  • Investment.

How to create Expense Accounts

Expense accounts have a few additional fields which control how they appear on Transactional Documents such as Expense Claims and Sales Invoices (see below).

Basic common account details

Basic common account details

The additional fields are described below:

Used on Expense Claims

Tick this box if you want the Expense to be available on Expense Claim Documents on the Line Item’s ‘Select an Expense‘ tab. See Entering Line Items.

Is reimbursable

Tick this box if the Expense is reimbursable i.e. you can charge a Customer for the Expense, on say a Sales Invoice. If the box is ticked it will be available on the Sales Document’s Line Item’s ‘Select Expense‘ tab. See Entering Line Items.

Income account

If the Expense is reimbursable then by default the amount you charge will be entered into the Expense Account as a negative value. If you wish to treat money from reimbursed expenses as Income (i.e. revenue), you can specify the associated Income Account in this drop-down. The default value of ‘None‘ indicates an Income Account will not be used.

How to create Mileage Accounts

To book vehicle mileage expenses for Expense Claims, a special Mileage Expense account allows you to specify:

  • The distance units (Miles or Kilometers)
  • The cost per unit (i.e. Rate)
  • The base currency (see below).

When mileage is entered onto an Expense Claim, the rate is then used to automatically calculate the correct amount to reimburse to the worker.

Extra fields on Mileage Expense

Extra fields on Mileage Expense

How to create Bank, Credit Card and Petty Cash Accounts

These accounts relate to their real world counterparts. Although they can be created from the New Account page, these accounts are better explained as part of Banking. See Working with Bank Accounts.

How to view Account Transactions

Once you have created your accounts, and specified the account mappings in your Items, then Transactional Documents such as Sales Invoices or Bills will automatically post transactions to the appropriate Accounts.

All Accounts can list the various transactions between a pre-specified or custom date range.

  1. View the Account for which to see the transactions.
  2. Select one of the options from the dropdown indicating ‘Last 25 Entries’;
  3. Or, Use the date fields to the right to specify a range.
  4. Click ‘Search’.
  5. Once listed the transactions can be seen in a pop-up new window by clicking their respective Ref # column, or bookmarked for future reference by clicking star(below).

The Bank Account Document

The Bank Account Document

How to enabling account numbers (Nominal Codes)

By default the Nominal Codes on Accounts are not visible. To display Nominal Codes, set the appropriate option on the the Accounts Configuration Document.

How to delete Accounts

An Account can only be deleted if it contains no transactions. See Voiding and Deleting Documents.

Also Read About


Configuring Accounts
Working with the Chart of Accounts
Setting the Chart of Accounts
Working with Expense Claims
Working with General Journals
Viewing Document Account Entries
Working with Items