Newbie question: Bank accounts show up under Assets in the Bank and Cash Accounts.
I’m assuming Equity account go under Capital accounts.
What tab are you guys using for Liabilities? At the moment I’m using the Special Accounts Tab.
Current Liabilities are payroll liabilities and automobile loan liabilities. What tab do you use for these?
Thanks, Marty
You are doing the right thing. Use Special Accounts and also Suppliers to account for liabilities. If you use the Suppliers to Manage other liabilities but not only trade suppliers, you can generate reports for them from Supplier Statements (Transactions) under Reports
You need to read the Guide about building a chart of accounts. The answer to your question about an equity account depends on the structure of your chart of accounts. But in general, Equity is a grouping of accounts. Capital accounts falls under Equity. The Liabilities group is built-in. Special accounts might be liability accounts, but you need to read the Guide about special accounts. Payroll accounts are set up automatically. Read the Guides about payroll.
Thanks Abeiku, I ended up using Special Accounts for current liabilities.
Tut, Using the Bank and Cash accounts tab setting up bank accounts was simple to set up and enter starting amounts. I know there is a liability group but when setting up the balance sheet in the chart of accounts and clicking on edit, I didn’t see how to enter starting balance. But i’m pretty sure it’s me not you;).
Hoping to set up Equity accounts thru Special Accounts (because it makes it easy to enter balances) to look like this:
Much appreciated guys.
You don’t enter starting balances for groups. You enter them for accounts.
And you are misusing capital accounts.
Again, read the Guides before wasting effort. You are going to have to undo all these things.
Ok Thank you.
