Adding a subaccount

Premium Feature: This is a premium feature and may not be available on all plans. To access this feature, please upgrade to a supporting plan.


If you are on the Premium account plan, you can create a subaccount to break down a larger account category into different account to track more details about the category. For example, you could add subaccounts to a Utilities parent account for telephone, electrical, and gas expenses. You can even create subaccounts of subaccounts.

There is no limit to the number of subaccounts you can have for one parent account.

To add a subaccount to a parent account:

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

  2. Click New Account

Note that the 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 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. Choose the parent account of this subaccount, for example, Marketing might be the parent account and Advertising and Meals & Entertainment could be subaccounts of Marketing. 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.

    • Change the date if not 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.

      

Notes:

  • You can modify your Accounts List only on paid account plans.
  • There is no limit to the number of subaccounts you can create for a parent account.
  • You can create up to three levels of subaccounts under a parent account.
  • You can't add subaccounts to a protected account.
  • A subaccount must be the same account type as the parent account. For example, you can put only income type accounts under an income parent account.