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 If you want to create a header account, select the Header Account option. |
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Select the account type from the Account Type list. The Account Classification field changes according to the selection you make. For more information on account classifications, see ‘Account classifications and types’.
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Enter a four-digit number for the account in the Account Number field. The number must be unique within each account classification.
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Press Tab and type a name for the account.
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Click the Details tab.
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If you want, type a brief description of the account in the Description field.
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In the Vat Code field, select the tax code that you use most often with transactions that will be posted to this account.
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If you are creating an asset, liability or capital account (other than an asset that has the account type of Bank), select an option from the Classification for Statement of Cash Flows list.
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Classifying the accounts allows you to generate a statement of cash flows. This report shows how your cash position has changed over time, profit earned and where your cash was spent. If you’re unsure about which classification to use, consult your accountant.
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If you are creating a bank or credit card account, and you want to keep a record of your bank account details, click the Banking tab and enter your account details.
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[Detail accounts only] If you want to enter historical balances, complete the Last FY column on the History tab. That way you can compare the year’s monthly account balances with those of the corresponding months last year.
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Click Close.
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Click OK when you have finished. The account now appears in your accounts list.
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You group accounts by indenting the accounts located below a header account.
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Click the Down button at the bottom of the window to group the account with the header located above it.
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