How to create a new Account Code within Studio Designer.
Account Codes in Studio Designer represent the types of accounts that are being covered by every transaction in Studio Designer. This will classify financial activities and provide grouping of accounts for financial statements.
Each Account within your Chart of Accounts is required to have an assigned 'Account Code' or 'Code'.
Studio Designer comes with a number of these by default (listed below), but it may be the case that your bookkeeper requires more account types to be set up in your system. If this is the case...
Step1. Click Settings and click Account Codes.
Step 2. If you wish to create a new Account type, simply click on the “+New Account Code” in the upper right-hand corner of the screen.
Step3. Just enter a code for the account that you are creating under the Account Codes field (e.g. F1, G1, J2, etc…) and input the long-form name of the Account Code (e.g. Owner’s Liability, Investors Draw, etc…) under Description.
Note: The Account Code description field is the name you will see when selecting it from the 'Code' drop down when adding or editing account detail.
Studio Designer Account Codes already entered:
- A1 Cash
- A2 Current Assets
- A3 Long Term Assets
- A4 Furniture & Fixtures
- B1 Current Liabilities
- B2 Long Term Liabilities
- C1 Owner’s Equity
- D1 Income Sales
- D2 Income Time Billing
- D3 Income Miscellaneous
- E1 Cost of Sales
- E2 Administrative Expenses