Chart of Accounts Debit Account

by Henk
(Canada)

Chart of Accounts Debit Account

Chart of Accounts Debit Account

When creating an account within the Chart of Accounts, is there a way to have one account subtract the amount from another account?


Example:

You create a subgroup account called Capital Gain, and another subgroup account called Capital Loss.

Now you want a subgroup total account called Net Gain. How would the account Capital Loss be set up so the amount in this account is subtracted from Capital Gain?

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Jan 03, 2018
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Chart of Accounts Sub Accounts
by: Stephanie

Thank you for your Chart of Accounts debit question. Yes, you can create a subgroup accounts under a main account that will subtract from each other and give you a net total.

This would work in a similar manner to the COGS account which has subcategories of Purchases and Returns & Allowances that net each other out.

You would set it up by creating a Capital Gains & Losses Other Income/Expense Account with a subcategories for Capital Gains and another subcategory for Capital Losses.

This would then give you the subtotal of all Capital Gains and Losses that you are trying to achieve.

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