We recommend that this is to be only done by your accountant or someone who understands accounting terms and structure. Learn how to manage Chart of Accounts and how to Archive an Account in Chart of Accounts.
How do I Create a New Account ?
To access the page, select Accounting from the side bar menu and Chart of Accounts from the drop-down menu.
Click on Add New.
Name : enter a name the identify the new account.
Account Type : this is important because it makes a difference to where you can use that account for example only revenue types can be used in invoices. It also makes a difference to where it appears in Reports. For example Expenses appear in the Profit and Loss account.
Code : if you do not choose a code, the system will do it for you. You can change it if you want to but we don't recommend it.
Default Tax : when you create an invoice or bill for example the VAT rate will be prefilled, so you should choose the most common VAT rate for that account.
When you have finished click on Save and you will find your new account in the All Accounts tab.