This form allows to rename built-in Accounts payable account.
To access this form, go to Settings, then Chart of Accounts, then click Edit button for Accounts payable account.
The form contains the following fields:
Enter the name for this control account that tracks amounts owed to suppliers.
The default name is Accounts payable but you can customize it to match your business terminology.
This account aggregates all unpaid supplier invoices and is essential for monitoring cash flow obligations.
Enter an optional account code to organize your chart of accounts systematically.
Account codes help with sorting accounts and can follow your existing numbering system.
Common codes for accounts payable range from 2000-2999 in many accounting systems.
Select the balance sheet group where this liability account should appear in financial reports.
Accounts payable typically belongs under current liabilities as these are short-term obligations.
The grouping affects how your balance sheet is organized and subtotaled.
Select how changes in accounts payable should be classified on the cash flow statement.
Increases in accounts payable represent cash retained (positive cash flow from operations).
Decreases indicate cash paid to suppliers (negative cash flow from operations).
This classification is crucial for accurate cash flow analysis using the indirect method.
Click Update button to save your changes.
This account cannot be deleted, it is automatically added to your Chart of Accounts when you have created at least one supplier.
For more information see: Suppliers