Add an account

An account is a category used to summarise different types of accounting transactions. You must select a nominal account type when you add a new account. The account type determines whether the information is reported on the Profit and Loss Statement report or the Balance Sheet report.

You can create or designate a new account as a subaccount of a parent account. Use subaccounts to provide a detailed view of related entries. In Microsoft Office Accounting 2009, you can create up to five levels of subaccounts. For example, you could have a nominal account named Wages and then create subaccounts under it named Sales, Admin and Factory. You could then create another level of subaccounts and name them East, West, North and South under each of the first level of subaccounts. A subaccount must be the same nominal account type as the parent account.

  1. In the Navigation Pane, click Company.

  2. Under Start a Task, click New Account.

  3. In the Select Account Type dialog box, select one of the following:

  4. Click OK.

  5. Enter the information on the account form.

    Note: The nominal code determines the account's position within its grouping in the Chart of Accounts. This field appears on the account form if you select Use nominal codes in the Preferences dialog box.

  6. Do one of the following:

    • On the toolbar, click Save and Close.

    • To save the new account and create another account, click Save and New.

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