I yesterday created the chart of accounts for my company and made groupings in the chart of accounts as required.
But I tried to enter an entry relating to bank using cash account, the bank account i created in chart of accounts is not reflecting in Cash accounts.
It is showing in JV.
But when I added the bank account through Cash Account, the bank account reflected again in Chart of accounts, and also the when I try to pass a JV on the bank account which i created through Cash Account it is not showing there.
No, you can only create Control Accounts (not bank accounts) via the chart of accounts.
Control accounts can’t take direct transactions where bank accounts can take direct transactions.
Bank Accounts are created under the Cash Accounts tab.
Once the Control Account has been created then you can assign a Cash Accounts tab account to that Control Account so that it can be displayed in reports separately from other Cash Accounts.
While you can create a generic account and name it as a bank account, it will not function as a bank account, allowing you to spend, receive, or transfer money.
