RentHQ now has 2 accounting modes.
The default is a simple accounting mode which allows you to have income and expense accounts.
The new mode is Full Accounting mode. This allows you to have 5 types of accounts – income, expense, asset, liability and equity. This full accounting mode is more powerful, and provides a more complete accounting picture of your business, and is the type of functionality provided by full accounting software packages. However it is also more complex to set up. This functionality is intended for accountants or people who understand accounting principles or people who have the assistance of an accountant who can help set up your accounts correctly. If you choose to switch account modes, it is advisable to do this at the start of the financial year.
The old Income Groups and Expense Groups menu options have been replaced by a single new menu option called Chart Of Accounts. This is where you set up your accounts, and also get to choose the accounting mode you will use. If you choose to switch to the full accounting mode, you can not switch back again.
If you need assistance from an accountant to set up your accounts, contact us, and we may be able to assist you.
A video tutorial covering the 2 account modes can be found here