How do I add an account code?

Create a new record for an account code.

Adding an account code

1. Open Connect General Ledger > Organization > Account Codes.

2. Click New (CTRL+N).

3. Click to select the field titled Account Code.

4. Enter the letter (A-Z) that represents the account code.

For example, "A" for asset, "E" for expenditure, "L" for liability, "Q" for Equity, and "R" for revenue are just a few of the letters many organizations use to set up their account codes.

5. Click to select the field titled Title.

6. Enter the name of the account code.

7. Use the Account Type menu to select the option that identifies the transactions that will be assigned to the account code.

The account type describes the purpose or function of the account.

The five main types of accounts:

Assets: increases debit the account, and decreases credit the account.
Liabilities: Increases credit the account, and decreases debit the account.
Equities: Increases credit the account, and decreases the debit account.
Expenses: Increases debit the account, and decreases credit the account.
Revenues: Increases credit the account, and decreases debit the account.

8. Click Save (CTRL+S).

The account code is saved.