Summary Accounts

You can also create summary accounts that are used to summarise, and total, the accounts that reside underneath the summary account.

There are two levels of summary accounts; level 0 and level 1.

Level 0 summary accounts are used for the main categories: Assets, Liabilities, Equity, Revenue, Cost of Sales, and Expenses. You should not normally create additional level 0 summary accounts.

Level 1 summary accounts are used to summarise and group accounts within the level 0 summary accounts. For example you might like to summarise and total all tax related accounts on the balance sheet. To do this you would create a level 1 summary account and then move all tax related accounts under this summary account.

Summary account

Summary accounts are created like any other account except that the “Is Summary Account” switch is turned ON.

The following diagram shows an example of using summary accounts to group the current assets and the tax accounts.

Screen: Current Balance