Account — Inventory on hand
The Inventory on Hand account is a built-in account in Manager.io used to track the value of your inventory. You may wish to rename this account to better suit your business terminology or accounting practices. Follow the steps below to rename the Inventory on Hand account.
Steps to Rename the Account
1. Access the Chart of Accounts
- Navigate to the
Settings tab in your Manager.io interface.
- Click on
Chart of Accounts to view your list of accounts.
2. Edit the Inventory on Hand Account
- In the list of accounts, locate the
Inventory on Hand account.
- Click the
Edit button next to this account to open the account details form.
3. Modify Account Details
In the account details form, you can modify the following fields:
Name
- Description: This is the name of the account as it appears throughout Manager.io.
- Default: The default name is
Inventory on Hand.
- Action: Enter your preferred account name to replace the default.
Code (Optional)
- Description: An account code can be used for sorting or organizational purposes.
- Action: Enter an account code if you use codes to categorize your accounts.
Group
- Description: Determines under which group on the
Balance Sheet this account will be presented.
- Action: Select the appropriate group from the dropdown menu to categorize the account correctly.
4. Save Your Changes
- After updating the necessary fields, click the
Update button at the bottom of the form.
- Your changes will be saved, and the account will now appear with the new name in your Chart of Accounts and financial statements.
By following these steps, you can customize the Inventory on Hand account to better align with your accounting preferences within Manager.io.