You are able to create asset and liability categories, which can be used when creating journal entries. Your assets and liabilities can then be viewed within certain reports, including the General Ledger and Balance Sheet.
The process of adding a new group or category is the same, regardless of whether it’s an asset or a liability.
By default, the platform will display the categories in alphabetical order. You can enter the list order number when creating a new group/category or edit the existing values by clicking the blue ‘Edit Mode’ button.
Categories and sub-categories can either be given a name or a name and a code.
At the bottom you can enter the details of the new category you wish to create, then click the blue button to create. Enter the details of the new group you wish to create, then click the blue button to create.
In the top right-hand corner, you can click the edit button if you wish to amend existing categories or subcategories
In the Active Column, you can check this box to activate and deactivate a group/category. Once deactivated, it will no longer appear when creating a journal entry, however, existing journal entries will be unaffected
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