Creating an Account

You can create a new account from various places in RefineBooks even you are in the middle of entering transaction of any type.

  1. By using New + option available in the header bar.
    Add Account
  2. Using Add new account option available everywhere at the time of entering any new transactions.
    Add Account 2
  3. Using Add Account button available in Account-> Setup in the left side menu.
    Add Account 5

Once you select the option of adding an account, it will open a new window where you are required to enter details for the account

  1. Name of account
    Enter the name of the account. The maximum length of the account name is 40. Also every account have unique name.
  2. Nature of account
    Select the nature of the account from the list. You will get the option to add other details depending on the nature of the account. Learn more about nature of account.
  3. Opening balance
    Enter the opening balance of the account as on the date showing below opening balance. This date is based on the financial year selected by you during the Financial Year Setup. You can add or edit opening balances only when you are in your first financial year.
  4. Opening balance nature
    Select the nature of the opening balance. It will auto select Credit or Debit based on the nature of account selected by you. You are require to change this only when the opening balance have opposite balance. For example, if you have an advance opening balance from supplier then you are required to select Sundry Creditor in nature and Debit in the opening balance nature.
  5. GST Rate
    Option to select GST rate comes in case nature of account is Direct/Indirect income or expenses. If you select GST rate here, then it will get automatically selected whenever you select such account. For example, you charge Installation charges from your customer and need to pay 18% GST on it. You can make an account with name Installation charges of nature Direct income and select 18% in GST rate, now you do not need to select 18% whenever you select installation charges account.
  6. Click Save to save the account and exit or Save & New if you want to create another account.
    Add Account 7

Additional Details in Debtor and Creditor Account

The additional fields are

  1. Display Name – This is used as Name in the invoices. For example you can use Akansha Agencies – Jaipur in account name for easy recognition and use full name Akansha Agencies Private Limited in this field.
  2. Registration Status in GST – For persons registered in GST select regular, for person registered under composition scheme select composition. For unregistered persons select unregistered. To know about other status and more details check this article.
  3. GSTIN – Enter GSTIN of the debtor/creditor. State will be auto-selected on basis of GSTIN. If you do not have GSTIN at time of creating account, you can skip this and later add GSTIN by editing the account but you need to select the state in that case.
  4. State – Select the state of the debtor/creditor. If you had entered GSTIN then the state will be auto selected and also gets ineditable.
  5. Other details – Billing Address, Shipping address, Bank details, PAN, TAN and contact person details for your reference.