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How to... (Accounts Screen)

The following describe how to carry out tasks in the Accounts screen.

Add a new account

Click New > Account in the File menu and complete the details. Alternatively, click Accounts in the sidebar followed by add at the top of the Accounts panel.

Delete an account

In the Accounts screen, right-click the account and select Delete.

Note: You can delete an account only if there are no transactions linked to it and it is not referred to from Time Tracker or Products.

Modify account details

In the Accounts screen, double-click the account and complete the details.

View the current balance of an account

This is listed in the Accounts screen.

Note: The balance includes any future-dated transactions, not just the current balance.

View all transactions for an account

In the Accounts screen, click the name of the account.

View all transactions (in all accounts)

In the Accounts screen, click All Transactions.

Enter a new transfer between accounts

Use these steps if you move money between a bank account and a deposit account or if you pay a credit card bill.

  1. In the Accounts screen, click the account you are sending money from.

  2. Click add above the list of transactions for that account.

  3. Set Transaction Type to Out (Paid), set Account 2 to the other account and complete all other details.

Enter a new sale

There are two main methods of entering sales. You can link the sale to a customer account or to your bank account. Using customer accounts requires you to enter two transactions, one for the sale and one for the customer's payment to your bank account. You may need to use customer accounts if either:

  • You need to send your customer an invoice.
  • Your customer will pay you at a later date.

To enter a new sale using a customer account, refer to How to...(Customers).

To enter a single transaction for the sale:

  1. In the Accounts screen, click the account you are receiving money into (normally a bank account or petty cash account).

  2. Click add above the list of transactions for that account.

  3. Set Transaction Type to In (Rec'd), set Account 2 to the appropriate income account and complete all other details.

Enter a new payment

There are two main methods of entering purchases. You can link the purchase to a supplier account or to your bank account. Using supplier accounts requires you to enter two transactions, one for the purchase invoice and one for the payment to your supplier. You may need to use supplier accounts if you receive an invoice from your supplier that you pay at a later date.

To enter a new purchase using a supplier account, refer to How to...(Suppliers).

To enter a single transaction for the purchase:

  1. In the Accounts screen, click the account you are paying money from (normally your credit card, bank account or petty cash account).

  2. Click add above the list of transactions for that account.

  3. Set Transaction Type to Out (Paid) (bank accounts) or Purchase (credit card accounts), set Account 2 to the appropriate expense or asset account and complete all other details.

Note: If you spend your own personal money on behalf of the business, a Petty Cash account named Personal Expenses can be used to keep track of money owed to you by your business.

Open an existing transaction

  1. In the Accounts screen, click the account.

  2. Double-click the existing transaction. 

    If you are having trouble finding the transaction, use the search function as described later.

  3. If necessary, edit the details.

Search for a transaction

  1. In the Accounts screen, click the account if you know it. If you don't know the account, click All Transactions.

  2. Type the transaction description, amount or account. If you want to refine the search further, click search to specify the type of search. 

    Note: When searching by amount, you can type an exact amount such as 12.34 or a range such as 10.00-12.50.

Split a transaction into separate line items

  1. Create a new transaction or open an existing transaction, as described above.
  2. Click add to the right of NEW SPLIT and complete the details. An Add Split option is also available from the action menu.

Create a duplicate of a transaction

A quick method to create a transaction is to duplicate similar existing transaction, as follows:

  1. Open an existing transaction, as described above.
  2. Select Duplicate from the action menu. All details of the original are duplicated except the date.

Alternatively, right-click an existing transaction and select Duplicate.

Set up a recurring transaction

You can set up a transaction to repeat automatically at a specified interval as follows:

  1. Create a new transaction or open an existing transaction, as described above.
  2. Select Make Recurring from the action menu.
  3. In the Repeat field, specify the interval between each transaction (such as every month).

Each transaction generated in the future will be a clone of the first (except the date).

You can prevent the transaction from recurring by setting Repeat to None.

Note: You can view a list of all recurring transactions by clicking Recurring Transactions near the top of the Accounts screen.

Use budgets

Each income and expense account can be given a monthly budget amount. This enables you to see how well you have kept to budget as time goes on using the Monthly Breakdown report. For more information, please refer to "Setting a Budget".

Enter your corporation tax payment

Please refer to "How to...(Profit and Loss)" for details on how to consolidate and pay your corporation tax.