The next step is to add accounts to your fund(s). You have six types of accounts from which to choose—Assets (type 1), Liabilities (type 2), Equity (type 3), Income (type 5), Expense (type 6), and Dedicated (type 7).
To add an account, do the following:
- Click the icon, then select the account type and click Add.
- Name the account, then select the major group, minor group, and sequence number. If this account is a banking account, designate it by clicking the box.
- Enter the beginning balance (if any). Click OK.
This chart shows you which accounts to debit and credit to increase or decrease the balance.
| Account Type | Increase Balance | Decrease Balance |
|
Asset |
Debit | Credit |
| Liability | Credit |
Debit |
| Equity | Credit |
Debit |
| Income | Credit |
Debit |
| Expense | Debit |
Credit |
| Dedicated |
Credit |
Debit |