Account Type:
Choose here from the following options:
Active Account: An account is active if it appears in reports and receive any transactions.
Inactive Account: An account is closed if it appears in reports but cannot receive transactions.
Account Title:
Type the name of the account as it is to appear in transactions and reports.
Account Number:
Type the account number, up to four letters or digits. This number will uniquely identify the account. If you try to enter two accounts with the same account number the system will alert you.
Account Group:
From the drop-down list, you can select from the groups already set up on the system, for example, 'Local Currency Bank Accounts'. If you have selected to set up a local or foreign bank account, you can also record bank account information at the bottom of the screen. If you select a Debit or Credit Account, you also have the option of setting up an Administrative Fee when that account is used when entering a receipt. See Charging an Administrative Fee on Credit or Debit Cards
Consolidation Account:
Enter the consolidation account number. When printing reports you can combine this account with other accounts so they appear as one account. For example, you might have different telephone accounts set up and want to show just one combined figure in reports. Click the button to the right of the field to find the consolidation account number.
External Code:
Type the code your external accountants use for this item. This allows you to send them data for analysis.
Branch-Sub A/cs:
Check the box if the account is to have a sub-account. This will be the description you nominated when setting up the company in the Ledger section.
Activity-Sub A/cs:
Check the box if the account is to have a second sub-account. This will be the description you nominated when setting up the company in the Ledger section.
Usual Tax Category:
Type the tax category, press F3 or click the button to select from the list. This is the default tax category on sales and purchases of items posted to that account.
BAS Box (Australia only):
Select from the drop-down list the BAS Box (if any) to which these account's transactions are to be allocated.
Allocations:
You can decide if you want to allocate expenses automatically to your sub-accounts. All transactions posted to this account will be automatically split across the accounts nominated here, such as Branch Sub-Account and/or Activity Sub-Account. If you are using sub-accounts you can then assign an automatic allocation percentage to each sub-account. The percentage appears in the 'Allocations' column of the grid. When you enter a transaction to the ledger account, the transaction will be split in accordance to the percentage specified. See Setting up Sub-Accounts for more details.