When registering an account in your Chart of Accounts, regardless of the hierarchy level, it is essential to know what information you must fill in and what it is for, so check below the essential items:

Account ID

It is the numerical identifier of your registered accounting items and it works both as additional information in reports and to more easily locate your Chart of Accounts items and, finally, it establishes a hierarchical relationship between the accounts in your Plan.

Stays.net will assist you in setting up the Accounts ID as you register your Categories with the correct IDs.

Position Name 

This is the text identification of your item in the Chart of Accounts.

Put a formal name because this content is presented in your business reports, and in some cases may be presented to Owners as well.

Position Type 

You must indicate the type of your accounting item, that is, define whether the entry is used for credits or debits.

By doing this, you adjust the behavior of your Stays.net so that it only display accounting items options that have the same type as your transaction, that means, if you are registering an Payable Account, only items of the debit type will be displayed, for example.

It is important to mention that accounting items cannot have two types, that is, they are either registered as "credit" or "debit".

Now that you already know what information must be registered in an accounting item, how about checking out more related subjects?