Accounts

Owned by Julie Leake (Unlicensed)
Last updated: Jun 08, 2018 by Carissa Warnock (Unlicensed)
2 min read

Your Accounts, which are a list of each line item that the accounting system tracks, should be designed to capture all information you need to track your financial information and make good financial decisions. Only information recorded with an account code from the chart of accounts will be recorded into the financial records, and from there into financial reports.

Accounts are typically divided into five categories: assets, liabilities, equity (or net assets), revenues, and expenses. Each account is assigned an identifying number for use within the accounting system. Aside from certain conventions regarding numbering and the order in which information is presented, you can tailor your chart of accounts to your organization's specific needs.

You can create new accounts or import accounts from external sources. If you work with compatible systems, you can also import and export account information.

Fields on the Accounts screen

FieldDescription

Show

Determine whether to see only Active accounts, only Inactive accounts or All accounts.

Accounts pane
CodeCode associated with the selected account.
DescriptionBrief description (custom text) of each account.

Add

Click to add an account.

Delete

Delete the selected account.

Actions

Drop-down menu of options:

    • Activate/Deactivate—Change an account from Active to Inactive.
    • Import Accounts—Import data from outside systems.
    • Export Accounts—Export data to outside systems.
Details pane

Code

Assign a unique code to the new account.

Description             

Add a description of a new account.

Interface Action

Specify how the account is handled during the import process.

  • None—Allows the entry to be accepted as it is entered. For example, if you enter a negative number, it will appear as a negative number.
  • Reverse—Allows you to specify that the entry should appear as the opposite of how it is entered. For example, if you enter a negative number it will appear as a positive number.
  • Skip—Indicates that you are not going to import or export this code; it should be skipped.
  • Units—Indicates that you want to export unit values rather than revenue.

Offset Account

Select an account that is used to offset the selected account.

Re-Map Account

Associate imported data with a different account than the one with which it was imported.

Active

Designate whether the account is active or inactive.

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