Protected accounts are special WorkingPoint accounts that ensure your transactions are recorded correctly. If an account is protected, you can’t delete it, make it inactive, move it, add subaccounts to it, or rename it.
Protected accounts include:
Accounts Payable (tracks what you owe your vendors and when payments are due)
Accounts Receivable (tracks what your customers owe you and when you can expect payment)
Cost of Goods Sold (tracks the cost of your inventory as it is sold)
Customer Credits (tracks the credits WorkingPoint creates when you receive an overpayment on an invoice and when you apply a credit to an invoice)
Inventory Asset (tracks the value of the items you keep in stock to sell)
Merchant Fees (tracks the fees deducted from invoice payments made via PayPal)
Other Income (tracks what you earned outside normal business operations)
Other Expense (tracks expenses incurred outside normal business operations)
PayPal (a bank account that tracks the invoice payments made by customers via PayPal)
Indicates that the account is protected.
What accounts has WorkingPoint sets up for me?