Account codes are account number segments within the account number structure that are required before you can create accounts. During the account setup process, you defined the code length. Now, under Account codes, you define the actual codes to use.
Under Account & code setup, Account codes, you can view all account codes that currently exist in the system, and add new ones.
To quickly locate the account code you want, enter the name in the search field and select it in the results. To view only account codes for a specific category, such as Revenue or Expense, filter the list. Use an account code's menu to edit or delete.
Under Account codes, select Add.
Enter a new account code and its description.
Here are a few tips to ensure accuracy:
The first digit of the account code determines the account code category. Make sure the new account code falls within the correct account code category.
The code you enter should be the correct account code segment length. For example, if your account code segment length is six digits, the code range you enter must be six digits.
Specify its type of account:
Control account - displays information summaries when you display account activity and balances on reports. Using control accounts allows you to post transactions and entries in detail. Examples of control accounts are accounts payable and accounts receivable summary accounts, as well as cash accounts.
Contra account - has the opposite normal balance of the accounts they represent. For example, a contra asset account, such as accumulated depreciation, has a normal credit balance whereas an asset account has a normal debit balance.
Under Cash flow, select a cash flow type to categorize asset, liability, and net asset accounts on cash flow reports.
Under Working capital, select a working capital to categorize asset, liability, and net asset accounts on the working capital report.
Specify a Class, such as Unrestricted or Temporarily Restricted Net Assets.
To store additional information for the account code, select Add a custom field.
Select a field and its value, enter a date and any relevant comments.
After you enter you enter details for the new account code, select Save.
Under Account codes, you can edit the details of an account code, such as its description or report classification. To edit an account code, select Edit from its menu , adjust the information as necessary, and select Save.
Tip: You can edit account codes at any time, as long as the new code remains in the same category.
Under Account codes, to remove an account code, select Delete from its menu , then select Yes when prompted.
Note: You can delete account codes if no accounts currently use that code.