The Free Accounting Chart of Accounts allows you to view all accounts (including their balances) in the system. Each account has its own unique ID, description and type. In Free Accounting all accounts are grouped by types according to the classification of Assets and Liabilities. The chart has the hierarchical order. The new account can be added to it or the existing account can be edited, deleted or inactivated. To view the list of accounts, select Company / Chart of Accounts on the main menu.
Take the following steps to add a new account in to the Chart of Accounts of the Free Accounting application:
- Open the Chart of Accounts window by clicking Company / Chart of Accounts on the main menu.
- Right click on the blank space of the window and select Add from the context menu.
- Enter all the information required:
Type - This is the type of the account. Select it from the drop-down list.
Account Number - The unique number of the account.
Parent Account - The parent account. Select it from the drop-down list if necessary.
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.
- Clear the Active check box to make the account inactive. In this case the current account will not be used in any transactions.
- Click the OK button.
Accounts of the 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 on it and
selecting Edit from the context menu or just by double clicking on it.
For the information about the right click function see the Right-click function window.
Refer to the Search function page for the information about search in the Chart of Accounts window.
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