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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