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Accounts - Trading Accounts

What are Trading Accounts?


Trading accounts are a way of separating profit and loss items into a separate reporting section. This is primarily used for sales trading and livestock trading. Trading accounts are set up on a per entity file basis. 


A simple Trading Account example report layout is as follows:


This style of report is generated automatically when creating the report by allocating an account to a trading account. There are three steps in this process:

  1. Create a Trading Account classification (see below)
  2. Allocate an Account to a Trading Account classification (see below)
  3. Produce a Report with separate Trading Account report settings (see the knowledge article: Reporting - Creating a Report). 



1. Creating a Trading Account Classification


To create a new Trading Account navigate to Trading Account, from the File Settings menu, from any screen within the client file as shown below.



You will be directed to a screen with a list of all available trading accounts. To create a new one, select +New Trading Account



Complete the following details and select Add Trading Account in order to add the Trading Account to the client file.





2. Allocating an Account to a Trading Account Classification


To allocate an account to a Trading Account navigate to the accounts screen and edit an account by selecting the edit button to the right as shown below:



On the account edit screen, select the required Trading Account from the drop-down list.



Note: There are two options, a user can either select the default behaviour of the account or select the behaviour of a single account. This is useful for sub-accounts or linked accounts that may have different properties. 


Note: An account can be added to both a Division and a Trading Account. This allows a user the most flexibility when reporting. For more information on Divisions see the knowledge article: Accounts - Divisions.


After editing the account select the Save Account button, the account has now been allocated to that Trading Account for the purpose of reporting.



Next article: Reporting - Creating a Report



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