Money in an account is used for a specific purpose in your organization, such as a client escrow account or a petty cash account. Accounts can also have a parent-child relationship, such as a child account that is funded by the parent project account.
You can easily withdraw from and deposit funds to accounts, transfer funds between parent and child accounts, and post transactions to the appropriate accounts according to the specified posting criteria.
The procedure for creating accounts is the same as it is when you are working with accounts in the Finance area.
To create an account for a project
- Search for a project and open it.
- In the left pane, click the Accounts link.
- To continue, see Creating or Editing an Account.