New Account Creation

Hi Team,

It becomes hectic to go to chart of accounts and create a new account and then come back to record transaction. Can we have tab to create a new account on the go while being already on transaction entry page.

You should not be creating accounts on the fly like this.

If you properly plan and configure your chart of accounts taking in your reporting, tax accounting and management accounting needs then you will never, or least, hardly ever need to create an account when entering a transaction.

Having to do so, indicates a poorly thought out chart of account or indeed no thought out at all

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You may be correct if data for 2-3 years with consistent incoming and outgoing sources are already entered/present in software. But with more and more inconsistency crawling in our daily life it becomes difficult to stick to pre-defined accounting heads. Category may be pre-decided but sub ledgers keep growing specially until when its new package to try on.

One of the important functions of accounting is to be able to monitor and compare results across different periods.

Continually readjusting and adding accounts makes this very difficult. Imagine trying to work out if a business is doing better, worse or the same from one year to the next if the figures from the different years are all reported under different headings.

Of course there are new challenges to face each and every day but a well designed chart will be able to cater for this.

If you are running a small business on your own maybe this is not important but if you need to provide a set of historic accounts to a bank, tax authority or other third party having a consistent format will help to present your case

This may be true. But that does not mean you should be adding accounts in the middle of entering transactions. The fact that you need to add the account proves you were not ready to enter the transaction.

Dear @fidelis,
Leave those lines that need a new account in suspense. Create those accounts and make the corrections to the transactions later.

Very True… and this is the most important reason am shifting from my current accounting package to Manager… I constantly need to view data across different financial years.

What am trying to explain is we constantly keep requiring create sub-heads. It may take around a year to set data, to minimize such requirements. A basic chart remains constant all through out but sub accounts need to be created on the go to keep better track.

It was just an idea if possible to be added but if its deviating from base of design then lets close discussion here :slight_smile:

Then may be, you belong to much organised segment unlike me … :wink:

Not a bad idea !!! Not sure if this option comes at all transactions.
I normally go and create account and then come back to enter transaction…

I am curious what all these “subaccounts” are. If you are shifting from an existing accounting program, you presumably already know what they are. The term “subaccounts” in Manager is generally used to refer to subsidiary ledgers of a control account. Examples are customers, which are subsidiary to the control account Accounts receivable, or inventory items, which are subsidiary to Inventory on hand, or special accounts, which can be subsidiary to a number of different types of control accounts.

All those can be created without going to Settings. And, if you want two windows open in Manager—one for creating a new subsidiary ledger and one for the transaction you are entering—that is also possible. The exact technique for opening the second window varies by edition and operating system. Search the forum and you will discover many explanations on how to do it.

By sub account I mean accounts created capital account, or even normal account for PnL under a specific category.

This would be good… I did find a way of doing in by my own but was bit skeptical using it (was in dilemma if it will corrupt database) but thanks for pointing it out… This will make my work easier :slight_smile:

Capital accounts of individual members are subsidiary ledgers of Capital accounts. But “normal accounts” are not. The “categories” you refer to are simply group titles. The accounts under them stand alone.

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