Navigation: Settings > Company Settings > Chart of Accounts >

Create New Account

 

 

 

 

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.

Prefix

Account Type

BA

Bank Account

CA

Current Asset

NA

Non-Current Asset

CL

Current Liabilities

NL

Non-Current Liabilities

EQ

Equity

IN

Income

CS

Cost of Sales

EX

Expense

OI

Other Income

OE

Other Expense

 

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

Account Type

Default connected Tax Code

Bank Account

Blank

Current Asset

Blank

Non-Current Asset

Blank

Current Liability

Blank

Non-Current Liability

Blank

Equity

Blank

Income

GST on Income G1 10% (Sales)

Cost of Sales

Blank

Expenses

GST On Expenses G11 10% (purchase)

Other Income

Blank

Other Expenses

Blank

 

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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