Account Edit, Account

This allows you to enter your Chart of Accounts.

Account ID	Number to identify this account.
Type	Account type; Asset, Liability, Equity, Revenue or Expense. Asset – anything of value owned or controlled by a corporation or individual-may be tangible or intangible. Liability – an amount owed, not necessarily due to be paid immediately. An obligation to remit assets or services at a future date. Equity – The interest or value that an owner has in property over and above any indebtedness. Revenue – gross proceeds from sale of goods or services. Interest and dividends earned on investments. A source of income. Expense – an item of business outlay chargeable against revenue for a specific period.
Description	Description of the account.
Total Only	Check if this account is a header (grouping) account.
Active	Check if the account is active.

Note: Once an account is added, you will not be able to change the account type, unless to a “sister” account type. This is done primarily as a safety precaution. You can change an account among Asset, Liability and Equity, and you can change among Revenue and Expense. But you cannot cross the boundary between them.

Account Edit, Account

Tell us what you think. Cancel reply