How to Create Assets and Liabilities

Find Balance report under Reports > Balance.

Balance report
Balance report

Assets and Liabilities are managed through the Accounting > Accounts page. All categories and values visible in the balance report are coming from existing accounts.

Manage assets and liabilities through the Accounts page
Manage assets and liabilities through the Accounts page

There will be default assets and liabilities structure with some placeholder categories and values when you first start using the software. You should rename these categories and items and enter the appropriate values, as well as create any new accounts that you might need.

For example, to create a new Checkings/Savings account, click on the “Create account” and fill in the data as shown in the image below.

Create checking or savings account
Create a checking or savings account

The parent account will determine where the new account will be placed. If you will be updating this account’s value manually, select the “Custom” option for the update method. Selecting any other update method will automatically update the account’s value from the corresponding value from the system.

To create a category account, select the “Category” option. Category accounts do not require you to enter the update method and balance.


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