How do I record the investments I’ve made in mutual funds?
To record the investments you’ve made in mutual funds, you need to create an account to track the investments. Here’s how:
- Go to Accountant on the left sidebar and select Chart of Accounts.
- Click + New Account in the top right corner of the page.
- Enter a suitable Account Name.For example, Mutual Funds.
- Select Other Current Asset as the Account Type.
- Enter the Account Code and provide a short Description for the account if required.
- Click Save.
Now, to record the amount you’ve invested in mutual funds, you need to create an expense. Here’s how:
- Go to Purchases on the left sidebar and select Expenses.
- Click + New in the top right corner of the page.
- Select the Expense Account (Mutual Funds in this case).
- Enter the other necessary details.
- Click Save.