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In ContactsLaw, a general account mirrors a traditional double-entry account. Accounts can be created ad-hoc at any time, or en-masse using the account wizard.
 
Many of the accounts in the general chart of accounts are controlled by the system and linked to transaction activities.
 
Every account has the following basic properties:
  • Full and abbreviated names
  • Account type (asset/liability/income/expense/equity)
  • Sub-type (current/non-current/deductible/non-deductible)
  • A sequential account number, which combines with the account type and sub-type to produce a complete account number in the form: A1-0001
  • GST policy (suggested/not suggested/prohibited)
  • A related contact (if applicable)
  • Budget (target balance or net activity, depending on the type of account)
  • Sub-accounts to further categorise transactions
All general accounts (except the creditors controlled account) have the option to be reconcilable. Reconciliations validate and guarantee the correctness of the transactions posted, by comparing the contents of the account to a printed statement.
 
Additonally, some types of account have special properties. For example, bank accounts and credit cards collect and store information about the financial institution and the account holder.
 
At any time, you can view the current and forecasted (i.e. including pending transactions) balances on an account.
 
When viewing the transactions posted to an account, you will be presented with a specialised listing for the given type of account. In some cases, additional views (such as aged debtors) will be available.