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Steps on how to create New Account
1.Go to Settings > Accounts.
2.Click on Chart of Accounts.
3.Select New Account.
4.Enter information into required fields.
5.Save.
Fields explained in Creating New Account
Profile Tab
1.Account Type: This is a mandatory field for creating a new account, where user needs to select the account type from the list below. Bank Account has been selected as default, user may modify it accordingly.
a.Bank Account
b.Current Asset
c.Non-Current Asset
d.Current Liabilities
e.Non-Current Liabilities
f.Equity
g.Income
h.Cost of Sales
i.Expense
j.Other Income
k.Other Expense
2.Account Number
a.The Account Number in Q6 was consisted of Prefix and Number, which is unique for each account. “CA-1000 already exists in your system!”
b.The Prefix indicates Account Type, which has listed in the following table.
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Prefix
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Account Type
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BA
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Bank Account
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CA
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Current Asset
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NA
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Non-Current Asset
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CL
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Current Liabilities
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NL
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Non-Current Liabilities
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EQ
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Equity
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IN
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Income
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CS
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Cost of Sales
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EX
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Expense
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OI
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Other Income
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OE
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Other Expense
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c.Account Number: the number assigned to new account should be within the range of 1000 to 9999 with no symbol or character.
3.Account Name
As there is no Header Account or Detail Account in Q6, it would be easier to recognize if user are adopting the following way to name newly created account.
Expenses: Tesco Internet
Expenses: Tesco Mobile
Expenses: Tesco Landlines
4.Default Tax Code
Once User selects the Account Type, a default tax code list would be included in the drop-down arrow, which is an optional field. The Default Tax Code should be auto loaded in transaction with corresponding Account selected, if there is no other
Tax Code been defaulted for Supplier, Client or Inventory.
List of matching Tax Codes for each Account Type
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Account Type
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Default connected Tax Code
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Bank Account
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Blank
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Current Asset
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Blank
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Non-Current Asset
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Blank
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Current Liability
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Blank
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Non-Current Liability
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Blank
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Equity
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Blank
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Income
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GST on Income G1 10% (Sales)
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Cost of Sales
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Blank
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Expenses
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GST On Expenses G11 10% (purchase)
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Other Income
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Blank
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Other Expenses
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Blank
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5.Description: User may input a brief description for the newly created account.
Banking Tab
Banking tab is only available for Bank Account.
6.BSB Number: Numbers only in this field, maximum 6 digits.
7.Bank Account Number: Numbers only in this field, maximum 8 digits.
8.Bank Account Name: Name of Account Holder if it’s personal account.
9.Company Trading Name: This is the Company Name registered with Bank.
10.Electronic Payment Type: Once user ticked “I Create Bank Files (ABA) for this account”, then the above fields become mandatory field, and should not be left blank.
And two of the following field would appear and be required to fill in.
a.Bank Code: Maximum 3 Characters only in this field. If number has been inputted, reminder of “Bank Code must be all Character!” will pop-up.
b.Direct Entry User ID: Numbers only in this field, maximum 6 digits. Otherwise, reminders of “Direct Entry User ID must be all number!” will pop-up.
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