Turning on Chart of Account Numbers - Reckon

Turning on Chart of Account Numbers - Reckon

Adding numbers can help you identify the type of accounts, thereby speeding up your account selection on various forms. You might want to develop and follow a consistent account naming and numbering convention.
For example:
       1000-1999 - Assets
      2000-2999 - Liabilities
      3000-3999 - Equity
      4000-4999 - Income
      5000-5999 - Cost of Goods Sold
      6000-6999 - Expenses
      7000-7999 - Other Income
       8000-8999 - Other Expense

Turning on Account Numbers

1. Go to the Edit menu and click Preferences.

2. In the Preferences window, click Accounting in the list on the left. Click Company Preferences.
Select the Use account numbers checkbox. Click OK.

Adding an Account Number

1. Go to the Lists menu and click Chart of Accounts.

2. Click the Account button and then click New.

3.  In the Add New Account: Select Account Type window, select the type of account you want to create and then click Continue
Enter the account’s name in the Account Name field. This name will appear on your company financial statements. If you want to make this account a subaccount of another account, select the Subaccount of the checkbox. From the drop-down list, click the account that will be the higher-level account for this subaccount. (Optional) Enter a short description, note, bank account number, or credit card number, depending on the type of the account you are adding.

4.  For balance sheet accounts, enter an opening balance based on the account’s balance as of your Reckon
Accounts start date. Generally, you should enter any balance sheet balances as of the day before your start date. That way it’s all exactly correct at the opening of your start date. If you’re putting money into the account with a transaction, do not use the opening balance field, since this will create an additional transaction. If you’re not sure of the balance, you can leave the field blank and enter the information later. Click OK when finished.

5. Click Save & Close or Save & New to add another account.
Alternatively, if you do not add Chart of Account codes prior to conversion we will generate a code as it is a requirement from Xero.

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