Setting up Account Categories
In order to manage receipts and expenses you firstly need to create the categories you wish to record. The Settings, Account Categories section enables you to create new Financial Categories, Membership Types or Bank Accounts. Each of the types of accounts is also represented individually in Money and Membership Types respectively. Your Account Categories are also those you will see on your Profit and Loss Report. and your Balance Sheet.
This screen is also useful for being able to view the various Transactions which have taken place using the highlighted Account Category.
You can set up a financial account which you intend using as a main heading (known as a Parent Account and then create sub accounts beneath that heading account known as a Child Account. This means on your Balance Sheet or Profit and Loss the totals of these Child Accounts will be listed as well as total for the entire Parent group.
If you wish to use a Parent/Child account system then you should firstly set up the Parent account (make it an Income or Expense, Asset or Liability category depending on where it will fall on the P&L or Balance Sheet.
Please note, you can not make an account a Parent Account if it contains any transactions. Parent Accounts can not hold their own transactions, they can only hold Child Accounts which can then hold relevant transactions.
When you create the Child account check the box Has Parent Account then locate and select the relevant previously created Parent Account.
To stop viewing a particular membership, financial or bank account simply uncheck the Active check box on each individual screen. To see Inactive account categories check the Include Inactive box on the main Category List page.
You can drill down on any Account Category list item by either double clicking on it or by selecting it and choosing Show Transactions from the Action Menu to the left. From there you can also Print Account List or Export to Excel if you need to perform other functions and calculations on the data. You can filter the transaction list to display both this and last financial year, this and last month or all transactions.
