Creating and Editing Accounts

This guide walks you through the process of adding new accounts to your Chart of Accounts and modifying existing ones. You need the FIN_MANAGE_COA permission to create or edit accounts.

Creating a New Account

1. Open Business > Chart of Accounts
2. Click the New Account button in the toolbar, or right-click and select New Account
3. The account form opens with the following fields:

Required Fields

• Account Name — A descriptive name for the account (for example, “Office Supplies Expense”)
• Account Type — Select from the dropdown. The type determines which class the account belongs to and its normal balance direction. Common types include Current Assets, Revenue, Operating Expenses, and so on.

Optional Fields

• Account Code — An alphanumeric code for quick reference (for example, “5100”)
• Parent Account — Select a parent to create a sub-account. The new account will appear nested under the parent in the hierarchy.
• Description — Notes about the account's purpose

4. Click Save to create the account

The new account immediately appears in the Chart of Accounts grid. It starts with a zero balance and is marked as active (In Use).

Creating a Sub-Account

Sub-accounts let you break down a broad account into more specific categories:

1. In the Chart of Accounts, right-click the parent account
2. Select New Sub-Account
3. The account form opens with the parent account preselected
4. Enter the sub-account name and other details
5. Click Save

The sub-account appears indented beneath its parent. The parent account's balance will include the balances of all its children.

Editing an Existing Account

1. In the Chart of Accounts, double-click the account row or right-click and select Edit Account
2. Modify the desired fields
3. Click Save

Note that changing an account's type after transactions have been recorded will affect how the balance is calculated. Use caution when changing the type of an account that already has activity.

Toggling Account Active Status

To deactivate an account without deleting it:

1. Find the account in the Chart of Accounts grid
2. Uncheck the In Use checkbox in the account's row
3. The change is saved automatically

Deactivated accounts are hidden from the grid by default (unless Show All Accounts is enabled) and are excluded from dropdowns in transaction forms. All historical transactions remain intact.

To reactivate an account, enable Show All Accounts, find the account, and check the In Use checkbox.

Tips

• Plan your chart before creating accounts — Decide on a numbering scheme and account structure before you start adding accounts. It is easier to set up a clean chart from the beginning than to reorganize later.
• Keep it simple — Start with the accounts you need for daily operations. You can always add more accounts as your business grows.
• Use consistent naming — Choose a naming convention and stick with it. For example, always use “Expense” at the end of expense account names (Rent Expense, Insurance Expense, Utilities Expense).