The Free Accounting Chart of Accounts allows you to view all accounts (including their balances) that keep track of accounting. Each account has
its own unique ID, description and type. In Free Accounting all accounts are grouped by type according to the classification of Assets and Liabilities.
The chart is built in the hierarchical order. It can be supplemented with a new account, or the existing account can be edited or deleted.
Take the following steps to add a new account into the chart of Free Accounting application:
- Select Lists / Chart of Accounts from the Main Menu or from the Navigation Pane of Free Accounting.
- Select Add from the right click drop-down menu.
- Enter all the information required:
Type - This is the type of the account. Select it from the dropdown list.
Account Number - The unique number of the account.
Parent Account - The parent account. Select it from the dropdown list.
Description - The description of the account.
Opening balance - The opening balance for the current account. When a new account is created or edited it is possible to enter Opening Balance. After the opening balance is added to the account, it can't be edited or deleted.
- Uncheck the Active checkbox to make the account inactive. In this case the current account will not be used in any transactions.
- Click the OK button.
The accounts of Bank type have a different window structure in the Free Accounting program. The bank information should be added while creating them:
Bank Name - The name of the bank the company deals with.
Address - The address of the bank.
Phone - The 10-digit phone number of the bank.
Routing No - The first nine digits that appear across the bottom of a
personal check and that identify the financial institution.
Bank Account No - The number of the account in the bank.
Federal Tax - The name of the federal tax effecting the current account.
After saving, the account can be edited by right clicking in the Preview Pane and
selecting Edit or just by double clicking on the line.
 Hierarchical/Flat View - click this button to see the hierarchical structure of all accounts with parent and child ones or only the list of existing accounts without any hierarchy.
For the information about the right click function see the Right click function window.
|
