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Account Fields

This page contains descriptions of the fields on all types of Accounts.

Account name

The unique name of the Account.

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:

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)

Account Ordering:

The order in which the Accounts are displayed depends on the order of the associated Nominal Codes (if they exist). For example, if you have 2 Expense accounts with Nominal codes 6005 and 6010, swap the order they are displayed by swapping the Nominal Code values. Useful for when you need a precise ordering of the accounts.

Parent Account

A Dropdown field displaying all other Accounts. Select one to make it a Parent Account. It must be of the same Account type. This allows grouping of related Accounts within the Chart of Accounts. For example within the parent account of Utilities, there are Expense Accounts Gas, Electricity & Water. In accounting reports, you can see the totals for Utilities, as well as for the constituent sub-accounts (as shown below).

Example of sub-accounts

Example of sub-accounts

Balance

The balance of the Account in the specified currency.

Currency

The currency of the Account.

Reimbursable

(Expense Accounts Only)

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

Income Account

(Reimbursable Expense Accounts Only)

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 here.

Used On Expense Claims

(Expense Accounts Only)

Select if you want the Expense to be available on Expense Claim Documents to be displayed in the Line Item’s ‘Select an Expense‘ tab when completing an Expense Claim Document. See Entering Line Items.

Account is Active

Checkbox to enable/disable the Account. If the Account is disabled it will not appear in the Chart of Accounts, Account Reports or Item Account drop-down lists.

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.

1099 Category  

(USA only)

Select the relevant 1099 category for this account. See Configuring 1099 Categories for information on how to add, edit or remove 1099 Categories.

Distance Units  

(Mileage Expense Accounts Only)

The units of distance, either Miles or Kilometers.

Rate per Mile/Km

(Mileage Expense Only)

The amount charged per Mile/Kilometer in the base currency.