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.

Importing Account Categories at Organisation setup stage

If you have a large number of account categories you may wish to have them imported just as your member list is imported. If you wish to do this and you are currently setting up your organisation, you can send your spreadsheet of account categories and opening balances along with your membership spreadsheet to support@memberwizard.com.au and they will be imported at the same time. If you wish to do this yourself you can find the menu item in Settings/Import Account Categories along with instructions on how to prepare your spreadsheet for import.