Account Types

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About Account Types

Account Types are used to define the classification and behavior of general ledger accounts. You may define your own account types which serve as a high level grouping on financial statements. General ledger accounts are assigned an account type upon creation. This account type can only be changed to another account type of the same kind once the account is in use.


In this Topic
   Field by Field Help - Account Type screen
   Q & A - Account Types


Related Topics
   2.7   How to Use Lists
   12.1   Chart of Accounts




Field by Field Help - Account Type screen

Account Type
Enter a name for the new account type here. This value will appear on financial statements.

Account Kind
Select a valid account kind from the list. This value establishes the behavior and financial statement location for each account.

Cash	Balance Sheet account; current asset section. Operating Cash Flow account.

Receivables

Balance Sheet account; current asset section. Operating Cash Flow account.

Inventory

Balance Sheet account; current asset section. Operating Cash Flow account.

Other Current Assets

Balance Sheet account; current asset section. Operating Cash Flow account.

Fixed Assets

Balance Sheet account; long term asset section. Investing Cash Flow account.

Other Assets

Balance Sheet account; long term asset section. Operating Cash Flow account.

Accounts Payable

Balance Sheet account; current liability section. Operating Cash Flow account.

Credit Card

Balance Sheet account; current liability section. Operating Cash Flow account.

Other Current Liability

Balance Sheet account; current liability section. Operating Cash Flow account.

Long Term Liability

Balance Sheet account; long term liability section. Financing Cash Flow account.

Equity

Balance Sheet account; equity section. Financing Cash Flow account.

Income

Income Statement account; gross profit section.

Cost of Goods Sold

Income Statement account; gross profit section.

Expenses

Income Statement account; operating income section.

Other Income

Income Statement account; net income section.

Other Expenses

Income Statement account; net income section.

Typical Balance
Displays whether the selected account kind carries a typical balance of a debit or credit. If the account has a balance which is not the typical value, it may appear as a negative value.

Posting Type
Displays the posting type for the selected account kind.

Cash Flow Type
Displays the posting type for the selected account kind.




Q & A - Account Types

Q01.   I don't see my question here. Where else can I get information?
A01.   Visit our website's Technical Support section.

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