The accounts list should be set up to provide a basic overview of the business’s overall performance. For example, a car dealership could set up the following income accounts:

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

You can set up your accounts using the Easy Setup Assistant or in the Accounts command centre. For more information, see Set up accounts.