Bank account vs ledger account
A bank account is a real place money lives (checking, a card, a line of credit). A ledger account is a category in your books. Each bank account pairs with exactly one ledger account.
In Solo Superstars
Adding a bank account under Accounting › Bank accounts creates its ledger twin in the 10xx range (or 21xx for cards and credit lines). Statements, imports and reconciliation happen on the bank account; the balance sheet reads the ledger account.
Example
A new business savings account becomes bank account "Savings – Chase" paired with 1020 Savings.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- account vs category
Related
- Bank account — A real place money lives: checking, savings, a credit card, a line of credit, cash on hand. Each one gets its own ledger account automatically.
- Ledger account — One row in the chart of accounts, such as Bank Charges. Not to be confused with a bank account, which is a real place money lives.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.