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(Created page with " Create a New Account Do you know how to setup a new account for your Chart of Accounts? Select Accounts from the Main Menu then Account button. First make sure the preferences...")
 
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'''Create a New Account'''
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Create a New Account
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Do you know how to setup a new account for your Chart of Accounts?
 
Do you know how to setup a new account for your Chart of Accounts?
  
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Select Accounts from the Main Menu then Account button.
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*First make sure the '''Preferences''' have been set correctly select, '''Utilities - Preferences - Accounts'''
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First make sure the preferences have been set correctly select, Utilities =>Accounts
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*Select'''Accounts''' from the '''Main Menu''' then select the '''Account''' button.
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*Select '''Account Type''' and select from the drop down '''E.g. Expense''' 
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Set Default Departments - Treat these like cost centres, this enables you to access reports
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*Then in the '''Account Name''' field type in a '''Header''' account '''E.g. Motor vehicle expenses'''  and select '''Save'''
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with a breakdown of figures per department.
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*If you wish further breakdowns of costs a '''Sub Account''' can also be selected'''E.g. Petrol''' and then new '''Account Name''' Holden. This will give a Multi tiered account which can be seen in the '''Account Tree View''' box.
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Closing dates should be set, these can be changed at any time. Recommend re-setting closing date
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after a BAS report so that period is locked and no transactions can be entered after the close off.
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Recommend only one person has full access levels to change these dates.
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Load the Credit terms
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View accounts in Tree mode => shows all breakdowns of accounts.
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List Mode is easier to view but does not give full details you can not drill into information from list mode.
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Select Account type eg. expense (use F1 if help is needed to select the appropriate type)
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Then Account Name eg. Petrol
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Then Header account eg. Motor vehicle expenses
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If you wish further breakdowns of costs a Sub Account can also be selected eg. Account type
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Expense=>Header Account Motor vehicle expenses=>Sub Account1 Petrol and then new
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Account Name Holden.  
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This will give a Multi tiered account which can be seen in the Account Tree View box.
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Note: You have to create the Header Account first; then the Sub account; then further account names  
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'''N.B. '''You have to create the'''Account Type''' first; then the '''Sub Account'''; then further '''Sub Account''' names can be created.  
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can be created.
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Select the Tax Code  
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*Select the '''Tax Code''' if desired and '''Account Description '''
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Account number if desired and account Description
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*Select '''Allow Expense Claim''' if the '''Account Name''' allows expenses to be claimed by employees.  
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Select Allow expense claim if the Account Name allows expenses to be claimed by employees.
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*Tick '''Is Header''' if the account is to be a header.
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Tick Is Header if the account is to be a header. (Header has no value and can not have transactions  
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*A '''Header''' has no value and can not have transactions posted to it  
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posted to it)
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*Check that the information is correct and and select '''Save'''
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Last cheque No. used (for Savings/cheque accounts) can be entered and then future cheques that will be
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entered will automatically start from the next consecutive cheque nos.
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Enter Bank Account details - This is important if you are going to be using Electronic Banking for this account
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so all the EFT options feed correctly within your banking software.
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When all fields have been entered select Save
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Revision as of 14:50, 12 July 2011

Create a New Account

Do you know how to setup a new account for your Chart of Accounts?

  • First make sure the Preferences have been set correctly select, Utilities - Preferences - Accounts
  • SelectAccounts from the Main Menu then select the Account button.
  • Select Account Type and select from the drop down E.g. Expense 
  • Then in the Account Name field type in a Header account E.g. Motor vehicle expenses  and select Save
  • If you wish further breakdowns of costs a Sub Account can also be selectedE.g. Petrol and then new Account Name Holden. This will give a Multi tiered account which can be seen in the Account Tree View box.

N.B. You have to create theAccount Type first; then the Sub Account; then further Sub Account names can be created.

  • Select the Tax Code if desired and Account Description
  • Select Allow Expense Claim if the Account Name allows expenses to be claimed by employees.
  • Tick Is Header if the account is to be a header.
  • A Header has no value and can not have transactions posted to it
  • Check that the information is correct and and select Save
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