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How to Create/Edit Bookkeeping Accounts

Overview

To keep track of your income and expenses, you will need to add bookkeeping accounts. An account is where you enter in income or expense ledger entries. 

How to Create/Edit a Bookkeeping Account

  1. Click on the Bookkeeping component
  2. Click on the Accounts tab
  3. Click the Accounts button
  4. Click the New Account button
  5. Name your account
  6. Select the account Type
  7. If this is a brand new account , the account balance will be $0.00. If it is an existing account, like a checking account, enter in your current account balance. 
  8. Optionally include a Description
  9. When you add payments to invoices and you'd like all payments to be added to this account by default, select the "Default Payment" check box
  10. Click the Save button

Breakdown of account types

  • Bank
    • This account is used to track bank accounts such as checking, savings, money market, and it would also include petty cash
  • Credit Card
    • This account is used to track credit card transactions.
  • Cash
    • This account is used to track cash transactions