Overview of adding Accounts

After you create an Entity in the system, the next thing you need to do is add the entity’s trial balance of accounts, and assign the accounts to either the income statement or balance sheet.

You can also assign the the accounts to the appropriate tax return form disclosures under the IR10 / Tax Return tab.

After you add and assign the accounts, the system calculates the profit (or loss) before tax. You can see this on the Summary panel on the right of the screen, along with the calculated tax amounts.

You can import a full trial balance from Microsoft Excel or Xero, or manually add accounts one at a time. We recommend that you import the trial balance from Microsoft Excel, as it is a very quick and easy ‘cut and paste’ process.

You can import trial balances for a group using this method. 

Most accounting systems can export trial balance data to Microsoft Excel.