This article will explain how to create a new account in your chart of accounts
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New account in Accounting Accounts
What is an accounting account?
An accounting account is a way in which you can manage all your accounting entries. The entries are always associated with an accounting account and this is a way for you to manage debit, credit and balances for each entry. The accounting accounts will enable you to differentiate all your entries so that you can keep track of and manage all your entries from one place. Each accounting account is assigned to a group and this could be assets, liabilities, income and expenses for example.
How to create an accounting account
To first start creating a new account in your accounting accounts, you'll need to be in the accounting section, to get to this tab, you'll need to click on Invoicing > Chart of account > New account.For the new account, you'll need to complete the following options:
- Select the type from the list of options available
- Add a name to this new account, you can rename this in the Name text box
- You can keep the default number that is available or you can change this
- Choose a colour, once you have selected this, this will appear in your chart of accounts and this can be used as a key to separate al your charts of accounts. It is another way to visually see the differences between the accounting accounts
- Click create.
- This will then create a new account
Once you have created the new account, you'll be able to add this to a New entry for your accounting accounts, this new account can be used when you need to enter an account name in this field. This will then appear in your chart of accounts
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