How to create sub account under the head of accounts receivable and accounts payable. In the chart of account i can only be able to create account under assets and liabilities but unable to create the sub account under account receivable head or account payable head
Why do you need to create sub-accounts under these control accounts? What are you trying to solve?
Just to align the receivables and payable which is given and taken in cash in terms of temporary loans
What these sub-accounts should represent? Customers/suppliers?
it can be customer,supplier or others( business friends or friend) where he can request cash for a week or so and same i can request same for a week or so
These are neither accounts receivable or payable, which in accounting are linked to sales invoices or purchase invoices, respectively. What you are describing are loans and should be created as separate asset accounts (when someone borrows money from you) or liability accounts (when you borrow from someone else). The loan and repayment transactions would be entered via Spend Money and Receive Money functions, allocating those entries to appropriate accounts.
Thanks Tut this is what i need to do but need create assets account under the main head of account receivable and liability under main head of account payable subaccounts
You cannot do that.
Accounts receivable and
Accounts payable are control accounts, hard-coded into the program. They only generate their own subaccounts for defined customers and suppliers from sales or purchase invoices. What you are trying to do violates accounting conventions and practice.
You can otherwise arrange your chart of accounts as you wish under Settings. But you can’t use those two accounts except as they were designed and should be used.