How to Add New Account

The Account Creation feature enables you to expand your Chart of Accounts by adding custom accounts tailored to your specific business needs, industry requirements, or reporting objectives, ensuring transaction categorisation aligns precisely with your operational structure and financial analysis requirements. Adding new accounts is essential when default accounts do not provide sufficient detail for expense tracking, when launching new business activities requiring dedicated income or expense categories, when implementing departmental or project-based accounting, or when accountants recommend specific account structures for tax optimisation or compliance purposes.

Exacc's account creation interface guides you through selecting appropriate account types from the five primary classifications of assets, liabilities, equity, income, and expenses, with additional sub-type options for granular categorisation such as current versus fixed assets or operating expenses versus cost of goods sold. Each new account requires assignment of a unique account code following standard numbering conventions, a clear and descriptive account name avoiding ambiguity, optional description fields documenting account purpose and usage guidelines, and configuration of default GST treatment ensuring tax compliance when transactions utilise the account.

The account setup process includes enabling special features like payment capabilities for bank accounts allowing deposit and withdrawal recording, expense claim availability for employee reimbursement categories, and watchlist flagging for accounts requiring budget monitoring or special attention in management reports. Once created, new accounts immediately integrate into transaction entry forms, appear in account selection dropdowns throughout the system, populate in relevant financial reports, and support full transaction history tracking with drill-down capabilities from summary reports to individual transactions.

Want to learn the exact steps to add custom accounts to your Chart of Accounts? Follow our guide below for a detailed walkthrough of the account creation process.