Financial Accounts
Financial accounts are used to categorize and track a business's financial transactions. These accounts represent different aspects of a business's financial health, such as assets, liabilities, equity, income, and expenses. They are the building blocks for organizing and understanding a company's financial data.
A User must have the appropriate financial permissions to add, edit, and delete Financial Accounts.
Financial Accounts are managed within Company Settings (permission required).
Quick Financial Account Setup (QuickBooks Online)
If you are connected to QuickBooks Online, you can easily import your QuickBooks Financial Accounts into Contractors Cloud. See the QuickBooks section below.
Financial Account Interface
Details
These are the high-level details for the Financial Account.
Name (required)
The unique name for the account. If the Financial Account already exists in QuickBooks, it is important to match the name exactly.
If the name is a child of a parent account, the name must be the parent separated by a colon.
Example: If the account is Roofing and Roofing is a child of Construction Income, then the name should be Construction Income:Roofing.
Type (required)
The type of the account.
Options are typically:
- Accounts Payable
- Accounts Receivable
- Cost of Goods Sold
- Expense
- Fixed Asset
- Income
- Other Current Asset
- Other Current Liability
- Other Expense
Description (optional)
An optional description for the account.
Status (required)
This is the status of the account. Only active accounts can be assigned to transactions.
Log Entries
This section contains log entries documenting changes to the Financial Account.
QuickBooks
This shows QuickBooks data related to the Financial Account.
Account Usage
This shows where the Financial Account is currently being used. Use the Reports for detailed Class reporting.
Utilities
This is where a Financial Account is deleted. A Financial Account can not be deleted if it is currently being used.