Consola.finance offers Account Types to help segregate and group similar transactions. Account types are in-built and cannot be modified. There are five account types namely Revenue, Expense, Asset, Equity and Liability.

Account Types

1. Revenue is the income generated by the sale of products or services related to a company's primary operations. It can also include income from mining, yield farming, and staking.
2. Expenses are the costs that a business incurs as part of its operations. These can include contractual payouts, salaries, utilities, rent, and other operational costs.
3. An asset is anything of value that is owned by an individual or company. It can be tangible or intangible, and can include accounts receivable.
4. Equity is the ownership interest in a company, represented by the difference between its total assets and total liabilities. For a company that uses tokens, the wallet that mints these tokens can be classified as equity.
5. Liabilities are financial obligations that a person or business incurs. These can include short-term obligations such as accounts payable, as well as long-term obligations such as bonds or loans.

Creating an Account Name

To create a new account name, the user can follow these steps:

1. Navigate to the "Chart of Accounts" section.

1. Select the desired account type where the account name will be added.
2. In the "Add new account" blank, enter the desired account name.
3. Click on the ✅ icon to confirm.
4. Wait for the account name to be created.

For instance, if a user wishes to further classify their Equity into an account name such as "Equity for Company 1" they can add these account names by following the steps outlined above. This will allow the user to better track and manage their income sources.

Deleting an Account Name

To delete an account name, the user can follow these steps: