Create New Account
Account Name
Enter a name for the account you are creating.
Type
Select an account type by clicking the radio button next to: Asset, Liability, Equity, Income, or Expenses. Then, specify the type using the drop menu to the right of the account type.
Classification for Cash Flow
The selection you make in this field will be used for the Cash Flow Statement reports. Your choices are Operating, Investing or Financing.
Account Number
Enter an account number. The number of digits in the account must match the digit amount set on the Chart of Accounts list, which is four by default.
Default Linked Account for (If available)
The selection you make in this field will be used as the default account for selected transactions.
Opening Balance
Enter an opening balance for the account, or keep it at zero.
Account is just a Header Account
If the account is a header account it means that nothing can be posted directly to the account but on reports the account prints the subtotals of all accounts below it with the same prefix.
Cash Postable
If an account is cash postable it means it will appear in the list of accounts that payments can be made from or deposits made to. Bank and Credit Card accounts usually have this option ticked.
Tax Included
Check this box if payment from this account will include sales tax. The tax will be based on values entered on the Tax tab of Options, but can also be adjusted on the Payments and Purchases dialog.
Add
When all the details for the new account have been filled in, click the Add button to add the account to the Chart of Accounts list.