Account Type

Each account description record in the system is assigned a specific account type.  The Type field identifies the general ledger account based on standard accounting categories such as current assets, fixed, assets, equity, sales, etc.  The Type field is used when printing financial statements (to determine which statements each account should be included on) and when determining the normal balance (debit or credit) for the account.  The following account types are supported in the system.

 

Type

Description

10

Current Assets

20

Fixed Assets

30

Liabilities

40

Equity/Capital

50

Sales

60

Cost of Sales

70

Expenses

80

Other income/expense

H

Header formatting only

F

Footer formatting only

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