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What are the system accounts, and why can I do nothing with them?
sgenchev
Member Posts: 1
Hello,
To start, I was trying to delete a bunch of accounts that I know I do not need, only to find out that I can only 'Archive' them. Went to forums, and found lots of unhappy people asking for delete feature, only to be politely told to take a hike.
But I cannot even archive something you call 'system account'. Is there a reason that i.e. 'Loss on Foreign Exchange' account is untouchable, and, more importantly, how can I archive it (or better delete it, but this would be pushing).
I am pretty certain that in the line of business I am in I will never ever have foreign exchange gains or losses.
Is there a way to start new company with ZERO accounts, and just create a chart of accounts I need?
Thank you!
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Hi, @sgenchev.
No, the system accounts are cannot be archived or deleted. Those accounts are intrinsically linked to different features in Wave that would break otherwise.
Other than the foreign exchange accounts, those system accounts are Accounts Payable and Receivable (without which you could use invoices or bills) and Uncategorized Income and Expense, both of which are default categories for all transactions in Wave.
Can you tell us a bit more about your line of business? I'd love to get a better idea of your particular situation in regards to not dealing with foreign currencies.
@Alexia will the empty accounts not be displayed in the Profit & Loss Detail? I believe most are in trial error mode exploring WaveApps. It is splendid app indeed. Saw a recent China brand with very accurate OCR using their camp device.
Hi, @Kenj.
No, empty accounts won't show up in your Profit and Loss report. Only accounts that have an amount other than $0 will appear on there.