Add or Edit an Account

Note: Changes made to this part of the application can signficantly affect your data. If you are unsure, speak to your Accountant first.

To add a new Account, or edit an existing Account, perform the following steps:

• Click the Settings tab, and then Chart of Accounts.
• To add a new Account, click the “Add New Account” button.
• To edit an existing Account, click an Account name from the displayed list.
• From the resulting popup enter or amend the following information.
  • Enabled: If an Account is not Enabled, then it will not appear in any transactions forms (such as a sales invoice, for example).
    
  • Account Name: Specify a Name for the Account. Note that you cannot change the Name for System Accounts.
  • Account Code: The Account Code is automatically assigned by AccountsPortal and cannot be changed for new or existing accounts. For more information, refer to the section on Account Codes.
  • Account Group: Each Account must have an Account Group specified. There are five Groups: Assets, Equity, Expenses, Income and Liabilities. For more information, refer to the section on Account Codes.
  • Account Type:  Each Account must have an Account Type specified. The options displayed are dependant on the Account Group. For more information, refer to the section on Account Codes.
  • Default VAT: Specify the Default VAT that will be applied whenever the relevant Account is selected in a transaction.
  • Display in Sales: If selected, then the Account will appear in all Sales related transactions, such as Invoices and Credit Notes. Note that if an Account is not Enabled, then it will not appear in any transaction, irrespective of the Display in Sales setting.
  • Display in Purchases: If selected, then the Account will appear in all Purchase related transactions, such as Purchase Invoices and Purchase Credit Notes. Note that if an Account is not Enabled, then it will not appear in any transaction, irrespective of the Display in Sales setting.