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Account Accounting Concepts Account Types Accounts List Accounts Reports Balance Sheet BAS Report BAS Report List Cash Flow Forecast Cash Flow Statement Dashboard Journal Entry Journal Entry List Profit and Loss Retained Earnings Summary Sheet Transaction Journal Trial Balance

Overview

The Account Type list displays a full list of Account Types. Lists in ERP can be Filtered<LinkId=251>, Searched<LinkId=252>,
Customised<LinkId=249>, Printed<LinkId=253> and Exported<LinkId=247>.

Where to find the Accounts Type List?

• Select Accounts Tab
• Select Accounts Types List
• A list of available types will now display

Account Types

The following account types are available.

NOTE: While you can create as many different Accounts as you need, you cannot create new
Account Types because they would not be recognised by the many financial reports in ERP.
See the Balance Sheet and Profit and Loss reports in the ERP Software Sample Database for
examples of when these accounts are used.

• Accounts Payable - Used by any transaction that gives rise to an amount payable by you to a supplier such as a Purchase Order or Bill and including negative amounts arising from Credits Accounts Receivable - Used by any transaction that gives rise to an amount payable to you by a customer i.e. Invoices and also negative amounts such as Returns and Refunds
• Capital/Equity - This account reflects the difference between your Assets and Liabilities. It will include any amounts brought in at the time of "going live" with your accounts in ERP Software, Net Income and Retained Earnings<LinkId=372> from previous financial years.
• Cheque or Savings - Any form of Bank Account must have the type Cheque of Savings
• Cost of Goods Sold - This account records the cost to the business of goods sold. For more information on this account (see Inventory Related Accounts<LinkId=277>)
• Credit Card Account - For posting of all transactions on company credit cards
• Expense - For recording any expense of the business (see also Other Expenses below)
• Fixed Asset - Records the value of any asset that is a long-term, tangible asset held for business use and not expected to be converted to cash in the current or upcoming fiscal year, such as manufacturing equipment, real estate, and furniture.
• Income - Records proceeds of any sale. For more information on this account see Inventory Related Accounts<LinkId=277> Long Term Liability - Records the values of Long Term liabilities such as loans. See also Other Current Liabilities
• Other Asset - Records the value of assets that don't fit the description of Fixed Asset, including but not limited to Inventory Assets, Supplier Prepayments, Undeposited Funds etc. For more information on this account (see Inventory Related Accounts<LinkId=277>)
• Other Current Liability - Records short term liabilities such as payroll related liabilities, GST or VAT liabilities etc.
• Other Expense - Used for any expense that you would not consider to relate directly to your core business.
• Other Income - Use for income not related to your core business. e.g. Investment income etc.