Some accounts in your chart of accounts are present by default when you add a business and cannot be deleted. Others are activated as various tabs are enabled and remain unless the tab is disabled (which is only possible if no transactions have been entered within it). When necessary, you can add an account to either your Balance Sheet or Profit and Loss Statement.
Accounts are added under Settings Chart of Accounts:
Click on New Account on the Balance Sheet side of the chart of accounts:
Define the account:
Nameshould be a short description of the account’s purpose.
Codeis optional. See another Guide for more information on account codes.
Groupunder which the account will be reported. (Groups must be defined before accounts can be assigned to them.)
Tax Codeif all or most transactions posted to this account will have the same tax code applied. For Balance Sheet accounts, this field is often left blank. The field will not appear unless at least one tax code has already been defined under Settings.
Control account. Details about custom control accounts are found in another Guide.
Starting balanceon the start date. Additional fields will appear. Select whether the starting balance is Debit or Credit and enter the balance as a positive number.
Click Create to save the new account.
Click on New Account on the Profit and Loss Statement side of the chart of accounts:
Define the account. Fewer fields are available for Profit and Loss Statement accounts than for Balance Sheet accounts, but they have the same purposes:
Click Create when finished.