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        <a class="WebWorks_Breadcrumb_Link" href="companyfile.4.1.htm#1091452">Setting up your company file</a> &gt; Set up accounts</div>
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      <blockquote>
        <div class="hs_SectionHeading"><a name="1091452">Set up accounts</a></div>
        <div class="hmn_ModuleHeadingNoSplit"><a name="1115698">Overview</a></div>
        <div class="b_Body"><a name="1091467">Accounts provide a means for grouping similar transactions. For </a>example, if your business pays rent for the use of its premises, you would create a rent account and then allocate all rent payments to that account.</div>
        <div class="b_Body"><a name="1091468">The accounts you use for your business are grouped in an </a>accounts list.</div>
        <div class="bnF_NoteHeadingFirst">
          <span class="N_007eNoteCautionWarning">note : </span><a name="1091469">Do you need to complete this task?</a></div>
        <div class="bnL_NoteBodyLast"><a name="1091470">If your accountant or </a>MYOB Certified Consultant has provided you with a company file, this task may have been completed for you. In this case, go to <span class="l_Link"><a href="companyfile.4.7.htm#1091721">Enter account opening balances</a></span>.</div>
        <div class="b_Body"><a name="1091474">When you created your company file, you selected a default </a>accounts list to start with. This list may already have the accounts you need. If not, you can change the list to suit your needs. If you are unsure, ask your accountant which accounts you should create, edit or delete.</div>
        <div class="b_Body"><a name="1093144">If you selected to import a list of accounts, you should import this </a>list now. See <span class="l_Link"><a href="app_importexport.25.3.htm#1058182">Importing data</a></span>.</div>
        <div class="hr_RunInHeading"><a name="1093146">Account numbers</a></div>
        <div class="b_Body"><a name="1091478">Each account is identified by a unique five </a>digit number. The first digit indicates the account’s classification (for example, accounts starting with 1 are asset accounts). The remaining four digits determine its location within the classification. The lower the number, the higher up in the list it appears. For example, account 1-1100 appears above 1-1200. </div>
        <div class="hr_RunInHeading"><a name="1091481">Account classifications and types</a></div>
        <div class="b_Body"><a name="1091482">The accounts list groups </a>accounts into eight classifications—Assets, Liabilities, Equity, Income, Cost of Sales, Expenses, Other Income and Other Expenses. Within each account classification there is at least one account type. </div>
        <div class="b_Body"><a name="1091483">Account classifications and types are described in the following </a>table.</div>
        <div class="ta_TableAnchorPara"><a name="1091593">&nbsp;</a></div>
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              <div class="trh_TableRowHeading"><a name="1115470">Classification</a></div>
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              <div class="trh_TableRowHeading"><a name="1115473">Type</a></div>
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              <div class="trh_TableRowHeading"><a name="1115475">Description</a></div>
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              <div class="trh_TableRowHeading"><a name="1115478">Asset </a><br />(1-xxxx)</div>
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              <div class="t_TableBody"><a name="1115480">Bank</a></div>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115482">Money in the bank, for example, </a>in a cheque or savings account.</div>
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              <div class="thr_TableRowHeading" style="color: #000000; font-family: &quot;Stone Sans&quot;; font-size: 8.0pt; font-style: normal; font-variant: normal; font-weight: bold; margin-bottom: 0.0pt; margin-top: 0.0pt; text-transform: none; vertical-align: baseline;"><a name="1115484">&nbsp;</a></div>
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              <div class="t_TableBody"><a name="1115486">Accounts </a>Receivable</div>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115488">Money owed to you by your </a>customers.</div>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="thr_TableRowHeading" style="color: #000000; font-family: &quot;Stone Sans&quot;; font-size: 8.0pt; font-style: normal; font-variant: normal; font-weight: bold; margin-bottom: 0.0pt; margin-top: 0.0pt; text-transform: none; vertical-align: baseline;"><a name="1115490">&nbsp;</a></div>
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              <div class="t_TableBody"><a name="1115492">Other Current </a>Asset</div>
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              <div class="t_TableBody"><a name="1115494">Assets that, if required, can be </a>turned into cash within a year. These may include your term deposits.</div>
            </td>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="thr_TableRowHeading" style="color: #000000; font-family: &quot;Stone Sans&quot;; font-size: 8.0pt; font-style: normal; font-variant: normal; font-weight: bold; margin-bottom: 0.0pt; margin-top: 0.0pt; text-transform: none; vertical-align: baseline;"><a name="1115496">&nbsp;</a></div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115498">Fixed Asset</a></div>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115500">Assets which have a long life, for </a>example, buildings, cars and computers. Fixed assets are usually depreciated.</div>
            </td>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="thr_TableRowHeading" style="color: #000000; font-family: &quot;Stone Sans&quot;; font-size: 8.0pt; font-style: normal; font-variant: normal; font-weight: bold; margin-bottom: 0.0pt; margin-top: 0.0pt; text-transform: none; vertical-align: baseline;"><a name="1115502">&nbsp;</a></div>
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              <div class="t_TableBody"><a name="1115504">Other Asset</a></div>
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              <div class="t_TableBody"><a name="1115506">Other assets you own such as </a>loans made to others and goodwill.</div>
            </td>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="trh_TableRowHeading"><a name="1115509">Liability</a><br />(2-xxxx)</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115511">Credit Card</a></div>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115513">Repayments required to service </a>credit card debt.</div>
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              <div class="trh_TableRowHeading"><a name="1115515">&nbsp;</a></div>
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              <div class="t_TableBody"><a name="1115517">Accounts </a>Payable</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115519">Money owed by you to your </a>suppliers.</div>
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            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="trh_TableRowHeading"><a name="1115521">&nbsp;</a></div>
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              <div class="t_TableBody"><a name="1115523">Other Current </a>Liability</div>
            </td>
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              <div class="t_TableBody"><a name="1115525">Money owed by you that is due in </a>less than a year, for example, GST. </div>
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              <div class="trh_TableRowHeading"><a name="1115527">&nbsp;</a></div>
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              <div class="t_TableBody"><a name="1115529">Long Term </a>Liability</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115531">Money owed by you that is due in </a>more than one year, for example, a business loan.</div>
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              <div class="trh_TableRowHeading"><a name="1115533">&nbsp;</a></div>
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              <div class="t_TableBody"><a name="1115535">Other Liability</a></div>
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              <div class="t_TableBody"><a name="1115537">Other money you owe.</a></div>
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          <tr>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="trh_TableRowHeading"><a name="1115540">Equity </a><br />(3-xxxx)</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115542">Equity</a></div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115544">The business’s net worth, that is, </a>its assets minus its liabilities. Common equity accounts are current year earnings, retained earnings and shareholders’ equity.</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="trh_TableRowHeading"><a name="1115546">Income</a><br />(4-xxxx)</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115548">Income</a></div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115550">Revenue from the sale of goods </a>and services.</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="trh_TableRowHeading"><a name="1115553">Cost of Sales</a><br />(5-xxxx)</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115555">Cost of Sales</a></div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115557">The direct cost of selling your </a>goods and providing services, for example, purchase costs and freight charges.</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="trh_TableRowHeading"><a name="1115560">Expense</a><br />(6-xxxx)</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115562">Expense</a></div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115564">The day-to-day expenses of </a>running your business, for example, utility bills, employee wages and cleaning.</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="trh_TableRowHeading"><a name="1115566">Other Income</a><br />(8-xxxx)</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115568">Other Income</a></div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115570">Other revenues, for example, </a>interest earned on savings and dividends paid from shares.</div>
            </td>
          </tr>
          <tr>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="trh_TableRowHeading"><a name="1115572">Other Expense</a><br />(9-xxxx)</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115574">Other </a>Expense</div>
            </td>
            <td style="background-color: WhiteSmoke; border-bottom-color: White; border-bottom-style: solid; border-bottom-width: 1pt; border-left-color: White; border-right-color: White; border-top-color: White; border-top-style: solid; border-top-width: 1pt; padding-bottom: 4pt; padding-left: 6pt; padding-right: 10pt; padding-top: 4pt; vertical-align: top;">
              <div class="t_TableBody"><a name="1115576">Other expenses, for example, </a>interest charged.</div>
            </td>
          </tr>
        </table>
        <div class="hr_RunInHeading"><a name="1091596">Header and detail accounts</a></div>
        <div class="b_Body"><a name="1091597">Your accounts list consists of </a>detail accounts (the accounts to which you allocate transactions) and header accounts. Header accounts group related detail accounts to help you organise your accounts list.</div>
        <div class="b_Body"><a name="1091598">For example, you could group your telephone, electricity and gas </a>expense accounts using a Utilities header account. This makes it easier for you to locate the utility expense accounts in the accounts list and to see your combined utility expenses.</div>
        <div class="b_Body"><a name="1091599">You group accounts by indenting the detail accounts located </a>directly below a header account.</div>
        <div class="b_Body"><a name="1091614">Note that:</a></div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
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                  <span style="color: Gray;">■</span>
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              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1091615">You cannot allocate transactions to a header account. </a></div>
              </td>
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          </table>
        </div>
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                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1091616">The balance of a header account is the sum of the detail </a>accounts indented directly below it. </div>
              </td>
            </tr>
          </table>
        </div>
        <div class="bb_Bulleted_outer" style="margin-left: 0pt;">
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                  <span style="color: Gray;">■</span>
                </div>
              </td>
              <td width="100%">
                <div class="bb_Bulleted_inner"><a name="1091617">You can create up to three header account levels as shown in </a>the example above.</div>
              </td>
            </tr>
          </table>
        </div>
        <div class="href_ReferenceBlockHeading"><a name="1115703">Related Topics</a></div>
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              <td width="100%">
                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="companyfile.4.6.htm#1091659" name="1115707">Setting up accounts</a></span></div>
              </td>
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              <td width="100%">
                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="companyfile.4.7.htm#1091721" name="1115711">Enter account opening balances</a></span></div>
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                  <span style="color: Gray;">■</span>
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              <td width="100%">
                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="financialcontrol.20.11.htm#1106760" name="1115715">Budgets</a></span></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="financialcontrol.20.2.htm#1087121" name="1115719">Tracking financial information</a></span></div>
              </td>
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          </table>
        </div>
      </blockquote>
    </div>
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