The default chart of accounts list will include a generic list of accounts used by most businesses, with a few custom accounts related to your industry. However, you will most likely need to customize the list based on your accountant's preferences or your own. For example, if you sell products and services, you may want to create an income account for each, as opposed to lumping sales for both into one account.
Go through the following three steps to add a new account to the chart of accounts list:
- Click on the Accounting tab located on the left menu bar and select Chart of Accounts, as shown in the following screenshot:
- Click on the New button located in the upper right-hand corner of the screen, directly to the right of the Run Report button, as shown in the following screenshot:
- To create a new account, you will need to provide the account type, the detail type, the name of the account, and a description...
