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The chart of accounts lists all the financial accounts that have been set up in Office Accounting along with their type and balance:
Chart of Accounts
Notice that subaccounts are indented and their balances are rolled up into the balance of their parent account. This is the way the chart of accounts depict the hierarchy of the accounts.
If you click on the Collapse Hierarchy button at the top of the chart of accounts, the list will be “flattened” so each account displays just the balance of itself.
Chart of Accounts with collapsed hierarchy
As you can see in the image above the 2200 Payroll Liabilities account no longer contains the balances of its subaccounts.
Account Balances
The balances if the different financial accounts are displayed with the sign expected for the account type. This means that a debit balance is positive for asset and expense accounts and a credit balance is positive for liability, equity and income accounts. This makes it easier to see if an account has unusual activity on it.
Account Register
When you double-click any account in the chart of accounts, the account register for the account is opened.
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