To add a new account

Accounts Easy Setup Assistant - Make Changes to Your Chart of Accounts

  1. Click the New button. The Edit Accounts window appears. You'll use this window to create the new account.
  2. Click the appropriate button to indicate whether the new account will be a Header Account or a Detail Account.
  3. Choose the account type you want.

Every account in the MYOB AccountEdge system must be assigned a type before it can be used to track your company's financial activity. In AccountEdge, you can choose from eight different account types, each of which serves a specific purpose. The account types are: Asset accounts, Liability accounts, Equity accounts, Income accounts, Cost of Sales accounts, Expense accounts, Other Income accounts and Other Expense accounts.

Click the drop-down list next to Account Classification to display a list of account types available in AccountEdge. Highlight the account type you want.

If you're unsure about which account type you should assign to a new account, you should probably consult your accountant, or an MYOB Certified Consultant. (See the list of Certified Consultants that you received with your MYOB AccountEdge package to find one in your area. You can also refer to the MYOB US website ( http://www.myob.com/us/ ) for a regularly updated version of that list.)

  1. Assign an account number to the account.

Enter the four-digit number used to uniquely identify this account. Any four digits except 0000 can be used in the account number. If you enter fewer than four digits, zeros will be added to the end of the number. When you enter an account number, the number will be automatically placed in the chart of accounts list in numerical order.

You can change the number of an account at any time; however, we suggest you keep the same account numbers if you've used AccountEdge for some time, because a new numbering system may be confusing to remember.

Also, you may want to leave room for future accounts when you choose numbers for your accounts. We suggest that you leave five or 10 numbers between your numbers. For example, if you're a retailer and open a second store, you'll probably add new accounts for the new location. You may find it convenient to have the accounts for both stores appear together so you can easily compare sales and expenses at the two locations. If you've left plenty of room between your account numbers, it'll be easy to add the accounts for the new location.

  1. Give the account a descriptive name, one that you'll easily recognize in the future. You can use up to 30 characters for the name.
  2. You'll enter the opening balances for all your accounts in a later step. You can skip the remaining fields in this window. Click OK when you're satisfied with the entries you've made.

Accounts Easy Setup Assistant - Make Changes to Your Chart of Accounts - To add a new account