The Special Accounts tab in Manager enhances your accounting flexibility by allowing you to create and manage accounts with unique properties that differ from standard accounts. These accounts are ideal for tracking items such as loan accounts, customer deposits, or legal retainer accounts.
To create a new special account, click the New Special Account button.
If you have a special account with existing balances, you can set starting balances by navigating to Settings and then selecting Starting Balances. For more information, see the guide on Starting Balances for Special Accounts.
The Special Accounts tab consists of several columns that provide detailed information about each special account:
The Code column displays the unique code assigned to the special account.
The Name column shows the name of the special account.
The Control Account column indicates the control account associated with the special account. By default, all special accounts are grouped under a control account called Special Accounts. However, you can create custom control accounts to categorize special accounts into different groups on the balance sheet, enhancing organization. For more details, see the guide on Control Accounts.
The Division column displays the name of the division to which the special account belongs. If you are not using divisional accounting, this column will remain empty. For more information, refer to the guide on Divisions.
The Balance column reflects the net total of all debits and credits recorded in the special account. Clicking on the amount will provide a detailed view of each transaction contributing to the overall balance.
You can customize which columns are displayed in the Special Accounts tab by clicking the Edit Columns button.
For more information on customizing columns, see the guide on Edit Columns.
Enhance your data analysis by using Advanced Queries on the Special Accounts screen. For instance, if you have various types of special accounts, you can create an advanced query for each type, allowing you to filter accounts based on specific criteria. Learn more in the guide on Advanced Queries.
By effectively utilizing the Special Accounts feature, you can tailor your accounting records to better reflect the unique financial aspects of your business, ensuring accurate and organized financial reporting.