The chart of accounts in Rewaa enables you to create subaccounts under main accounts for better financial organization. Below are detailed steps for adding accounts under Equity and Revenue categories.
Adding an Account Under Equity
Equity accounts represent the residual value of a company's assets after liabilities are deducted. Examples include capital, opening balances, and owners' current accounts.
Steps to Add an Account Under Equity:
Navigate to:
Accounting > Chart of Accounts > Click "New Account".
Enter the following details:
Parent Account: Equity account.
Account Code: A Unique code is generated automatically, or you can assign one manually based on your numbering system.
Account Name: Example: "Owner's Current Account."
Description (Optional).
Click "Save."
The account will appear under Equity in the chart of accounts.
Adding a Sub-Account Under an Equity Account
To create a sub-account under an existing equity account, such as "Owner's Current Account":
Locate the Parent Account:
In Chart of Accounts, click the three dots next to the parent account, e.g., "Owner's Current Account. Select "New Sub-Account."
Enter the following details:
Parent Account: Automatically pre-filled (e.g., "Owner's Current Account").
Account Code: Adjust as needed.
Account Name: Provide the appropriate name.
Description (Optional).
Click "Save."
The subaccount will appear under the selected parent account.
Adding an Account Under Revenue
In the chart of accounts, revenue is defined as the account that records all amounts generated from the company's operating activities, such as sales of goods or service provision. Rewaa provides the Revenue account as a main account, which includes Sales as a subaccount, with the flexibility to add other subaccounts such as Rental Income and more. This structure helps in accurately organizing revenue and facilitates the preparation of comprehensive financial reports.
Steps to Add an Account Under Revenue:
Navigate to:
Accounting > Chart of Accounts > Click "New Account."
Enter the following details:
Parent Account: Revenue.
Account Code: Assign a unique code (auto-generated or custom).
Account Name: Example: "Rental Income."
Description (Optional).
Click "Save."
The account will appear under Revenue.
Adding a Sub-Account Under Revenue
To create a sub-account under an existing revenue account, such as "Rental Income":
Locate the Parent Account:
In Chart of Accounts, click the three dots next to the parent account, e.g., "Rental Income." Select: New Sub-Account.
Enter the following details:
Parent Account: Automatically pre-filled (e.g., "Rental Income").
Account Code: Adjust as needed.
Account Name: Specify the income source, e.g., "Short-term Rentals."
Description (Optional).
Click "Save."
The subaccount will appear under the selected parent account.
FAQs
Is there a limit to the number of accounts under Equity or Revenue?
No, you can add unlimited accounts under both categories.Can I modify the account code or name after creation?
Yes. Click the three dots next to the account, select Edit, and make the necessary changes.How can I delete an account added under Equity or Revenue?
Accounts cannot be deleted but can be archived. To archive:Click the three dots next to the account and select Archive Account.
The account will move to archived accounts.
ℹ️ Parent accounts cannot be archived if they have subaccounts or non-zero balances.