Within your Chart of Accounts, a hierarchy can be set up to list certain accounts as “children” accounts to sit under the “parent” accounts. This allows for grouping and sub-totalling of accounts when viewing your financial reports.
To list an account as a “child” account of another:
- Go to the Reports drop down
- Go to Financial
- Select Chart of Accounts
- Click the Edit link next to the account which you would like to make a “child” account
- On the Edit Account page, select More Options against the “Subaccount of” field and select List
- Choose the “parent” account for your “child” account to sit under. Note: “child” accounts are already shown in this listing, separated by a colon, e.g. “6110 Salary OnCosts : Payroll Tax” where Salary OnCosts is the “parent” account and Payroll Tax is the “child” account
- Click Save
When viewing financial reports, the “child” account will now be listed under the “parent” account, and included in the totalling of all accounts under the “parent”.