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Account — Intangible assets - amortization

The Intangible Assets Amortization account is a built-in account in Manager that tracks the amortization of your intangible assets. This account is automatically added to your Chart of Accounts when you record at least one amortization entry. While the account cannot be deleted, you can rename it and adjust its settings to suit your accounting needs.

Accessing the Account Settings

To rename or modify the Intangible Assets Amortization account:

  1. Go to the Settings tab.
  2. Click on Chart of Accounts.
  3. Locate the Intangible Assets Amortization account in the list.
  4. Click the Edit button next to the account name.

Account Fields

When editing the account, you can adjust the following fields:

Name

  • Description: The name of the account as it appears in your financial statements.
  • Default: Intangible Assets Amortization
  • Note: You can rename this account to match your preferred terminology.

Code

  • Description: An optional code to categorize or sort accounts within your Chart of Accounts.
  • Usage: Enter a code if you use account codes for organization or reporting purposes.

Group

  • Description: The group under which this account will appear on the Profit and Loss Statement.
  • Options: Select the appropriate group that corresponds to where you want this account displayed in your financial reports.

Saving Changes

After making your desired changes:

  • Click the Update button to save the account settings.

Important Notes

  • Non-deletable Account: The Intangible Assets Amortization account is a core part of the accounting for intangible assets in Manager and cannot be deleted.
  • Automatic Addition: This account is automatically added to your Chart of Accounts when you create an amortization entry for an intangible asset.
  • Further Information: For more details on how amortization entries affect this account, refer to the Amortization Entries guide.

By customizing the Intangible Assets Amortization account, you can ensure your financial statements accurately reflect the amortization of your intangible assets in a manner that aligns with your organization's accounting practices.