Each account has a code, a name and a type. Its normal balance (debit or credit) follows from the type. The page also shows each account's balance from posted entries.
Steps
- Review the accounts by type.
- Create an account with Create account; choose its type carefully because reports group by type.
What you get
Entries and imports can be assigned to the right account.
Who can do this
Owners, admins, accountants and bookkeepers can make changes; managers and viewers can only view.
If something goes wrong
- An account is missing from a report.
- Reports show accounts with posted activity; an account with no posted lines has a zero balance.
Terms used here
- Chart of accounts
- The list of accounts the business uses, each with a type (asset, liability, equity, revenue or expense).