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?

Comments for Chart of Accounts Debit Account

Average Rating starstarstarstarstar

Click here to add your own comments

Jan 03, 2018
Rating
starstarstarstarstar
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.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Chart of Accounts Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.

Like Bookkeeping-Basics.net?