No. If you want the control account to be called Cash accounts, you can rename it by editing it under Settings. There is no need to create a new control account just to change the name.
But the point I was making is that both of your cash accounts, indeed any cash or bank account you create, will be reported on the balance sheet as part of a control account. Now, if you want the accounts to appear separately on the balance sheet, you can create a separate control account for each one and assign each cash account to its individual control account. But most users would leave all cash accounts being summarized under the Cash on hand control account.
If you want to see information about individual cash accounts, you can do two things:
- Look in the Cash Accounts tab, where you will see individual balances.
- Drill down in the Summary by clicking on the blue balance figure for Cash on hand. You will then see each of your cash accounts and can drill down further on their balances.
By the way, the reason I wrote that “If you named a cash account with that name, it will cause confusion” is because you already have two cash accounts, one of which seems to have the same name as the control account they both are assigned to.