This release note has been updated by @brucanna to reflect the change in process that was introduced after the original release. This updating includes the deleting of posts not relevant to the changed process.
All cash accounts (Petty Cash, Cheque (check), Savings, Transactions, Credit Card, Overdrafts ) are created as sub-accounts under the Cash Accounts tab and their balances are grouped together on the Balance Sheet under a single control account called
Cash & cash equivalents.
This release allows those cash accounts to be given their own control accounts so they can be shown as:
A) Liabilities where they normally have negative balances - credit cards
B) Individually where the user doesn’t want to see the cash accounts grouped
A) If some of your cash accounts represent negative cash such as overdrafts or credit cards, then it’s a good idea to create a new control account which allows you to categorize them under
Liabilities rather then the default
Assets location. To do this for a ‘credit card’ follow this 2 step process
Step1 - Create new control account
Settings tab, click
Chart of Accounts and next to Balance Sheet click the ‘New Account’ button.
Enter the required account Name, for the Group field select ‘Liabilities’, tick the Control Account box and select ‘Made up of - Cash Accounts’ and then click ‘Create’
Step 2 - Assign cash account to the control account
Go to the ‘Cash Accounts’ tab, click Edit next to the ‘credit card’ account and under the ‘Control Account’ field select ‘Credit Card’.
Now this account will be displayed under Liabilities on the Balance Sheet.
B) If you have different types of positive bank accounts - cheque (check), savings, transactions - and you wanted to display them individually on the Balance Sheet then you would follow these three steps:
Step 1 - Rename the existing control account.
Click on the
Settings tab, click
Chart of Accounts and then click Edit next to the
Cash & cash equivalents account. Enter a name to suit your main active account and then click Update
Note : All cash accounts will remain grouped under this control account name until you have created and assigned them to a new control account - as per step 2 & 3.
Step 2 - Create new control accounts.
While you are still at Settings - Chart of Accounts, click ‘New Account’ button on the Balance Sheet side. Enter the required account Name, for the Group field select ‘Assets’, tick the Control Account box and select ‘Made up of - Cash Accounts’ and then click ‘Create’
Step 3 - Assign cash account to the control account
Go to the ‘Cash Accounts’ tab, click Edit next to the ‘Savings’ account and under the ‘Control Account’ field select ‘Savings Accounts’.
Now thiese account will be displayed individually under Assets on the Balance Sheet.
Cash accounts can be assigned as a group or individually to a control account - if you three credit cards - these can be grouped within one control account or they can be individually shown on the Balance Sheet by having their own control account.
If you have several cash account control accounts, then these can be grouped under a Balance Sheet heading