Adding accounts to the Accounts List

You can add new accounts as your business grows and changes so you can categorize your transactions and maintain consistent reporting.

To add a new account:

  1. Click the Accounts tab in the main navigation bar to open the Accounts List.

  2. Click New Account

Note that a subaccount must be the same type of account as the parent account. For example, if the parent account is an expense account, the subaccount must be an expense account.

  1. Enter a unique name for the account or subaccount.

You can have a duplicate account name for a subaccount, if the parent account is different. The account name cannot include a colon (:).

  1. (For subaccounts) Choose the parent account of this account. Here is an example of a parent with child accounts: Marketing might be the parent account and Advertising and Meals & Entertainment could be subaccounts. More

  2. (Optional) Select the Schedule C tax line that you would like the entries recorded in this account reported on for year-end taxes.

The menu for selecting a Schedule C Category is displayed for Revenue, Expense, Cost of Sales, Other Income and Other Expense accounts.  If the activity in this account is tax-related, select the Schedule C Reporting Category that you would like the entries to be reported on for year-end taxes. If the activity in the account isn't tax-related, select "None" and the activity in the account won't be reflected on the Schedule C report. More

  1. (Optional) Enter a description for the account.

  2. (Optional) Enter an opening balance for the account. More

    • Change the date if the balance is as of a date other than today’s date. Note that you can’t enter a date until you enter an amount.

    • Choose the account that is the source of the funds, for example, Opening Balance Equity account.

  3. Make sure the Active checkbox is checked.

  4. Click Save Account.