The following account management features are currently supported
Create a mainnet/testnet account
Import an account from 24w mnemonic phrase
Import an account as "read-only" (watch-only)
List all accounts
Fetch balance of all accounts
Get account details ( Ada / Native token balance, recent transactions, utxos)
Open Account Management UI
Click on "List Accounts" icon in Cardano Tool Window.
Create a new account
In "Account Management" dialog, click the "New"
Enter a name for the account
Select testnet / mainnet
Account management UI also allows you to create a Mainnet account. Account mnemonic phrase is stored in an encrypted format in the local filesystem. But for better developer experience, the encryption key is also stored in the local filesystem. So that the developer doesn't need to enter encryption password during development time.
So it's not recommended to import/store any Mainnet account with significant Ada holding.
Alternatively, if you want to do a Mainnet transaction, you can enter mnemonic phrase in Transfer UI or Token Minting UI directly. The mnemonic entered in those cases are not stored and just used for that specific transaction.