There is an “Inter Account Transfers” account in the balance sheet (placed under Equity by default). I want to hide it because it is not a real account or a meaningful account.
I understand I can tick “hide zero balances” when editing the balance sheet, but this way it hides all zero balance accounts. I don’t want to use this method.
Any ideas? Thank you.
FYI, this happens on both the Balance Sheet under Reports>Financial Statements as well as on the Summary display when opening a business. I would like to know if there is a solution to this as well.
It is a real account, suppose you transferred money from bank A to bank B on date 31st but it only cleared bank B on the 1st of next month. You need to show this somewhere, the account is usually called “Funds in transit” by American conventions and it’s an Asset account.
The name “Inter Account Transfers” seems equally as good to me and more inline Manager’s naming conventions – but that’s a matter of preference and the user can change the name and grouping to his/her liking anyway.
Thanks for the answer. Now I understand.