How do I create a new account in the Chart of Accounts?

How do I create a new account in the Chart of Accounts?

Overview

Use this to add either a new parent account (a major transaction category) or a new sub-account (a more specific subcategory nested under a parent).

Steps

1. Click + Add New Account at the top right of the Chart of Accounts window. The NEW ACCOUNT area opens where the account detail area normally appears.
2. Account # (optional) — enter an actual account number if you have one, a numeric sequence marking it as a parent account, or (for a sub-account) a number that ties it to its parent. This field is optional but very helpful for tracking parent/sub-account relationships elsewhere in Financials.
3. Account Name — enter a short, accurate description of the account.
4. Account Type — choose from the dropdown: Credit Card, Liability, Asset, Bank, Expenses, Equity, or Income.
5. Detail Type — choose from the dropdown. The available options change depending on which Account Type you selected.
6. Starting/Year-to-Date Balance as of [Date] — enter the dollar value of the account's opening balance. The date shown here comes from the Effective Starting Date for Financial Transactions field in Account > Settings. If no date has been set there, no date will display. (See the Financials: Settings guide for more on that setting.)
7. Parent Account (optional) — if this new account is a sub-account, select its parent account from the dropdown.
8. Click Save when you're finished.