So if I have downloaded a credit card statement and I want to attach an expense on the statement to an expense category, and that category does not already exist, I have to go to settings>chart of accounts>new account to do that? There isn’t a way to do it directly from the bank account transaction page? Is that not incredibly cumbersome? I mean once they are all there its not that bad but making those line items one by one using this process…it is painful.
You should be very careful adding new expense accounts - the accounts will exist forever, even if there is only transaction using this account
Deciding and setting the number and structure of your expense accounts is a crucial step in establishing an accounting system.
Adding a new expense account is not something that you do on the fly and without thought.
Usually, your chart of accounts are defined and created first taking into account your reporting, fiscal and management needs. They should only be added to in rare circumstances.
You seem to want to create accounts whenever you want - this is a receipt for future problems and mishaps
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In addition to @Joe91 excellent respinse please also consider using the guides at https://www2.manager.io/guides/ especially take note off
Structuring Accounts
Once you have established a business in Manager, the most important task is structuring your accounts to match your form of organization, method of operation, legal reporting requirements, and management information needs. Effort here will pay dividends as long as you run your business.