As part of the start up activities of his company, Jack comes to an agreement with the bank for three products:
A current account with number “C54769”
Deposit account with number “D54990”
Credit card with a number ending with “.7734”
Most accounting systems - LedgerSMB included - use separate GL accounts to represent each bank account. This allows easy reconciliation of the ending balance on the bank account with the balance in the books.
Renames the original account 1060 “Checking account” into “Checking account C54769”
Open the 1060 account again
Change the number to 1061
Change the description to “Cash deposit account D54990”
Click “Save as”
Then Jack repeats the steps 3 to 6 for the credit card with the account number 1062 and description “Credit card xxxx.xxxx.7734” to set up the credit card. Figure 6.4 on page 6.4 shows the screen in which to enter the account details. Section 22.2.1 on page 22.2.1 discusses the options in detail - for now using the settings as configured for the sample checking account will do.