Account Types

Account Type defines the type of accounts available on ERP. These account types can be assigned to accounts. Users have the ability to Search, Customized and Export account types in ERP.

Please Note: New account types cannot be created - must be selected from pre-defined list.

How to access account types list:

Step 1: Click on Accounts Module from left hand toolbar

Step 2: Open Account Card by clicking the Account Function Button on the top row

Step 3: Now you will be looking at the now open Account Card  

Step 4: On the Top left corner "Account Types" box - click drop down to open and select from Account Type

Accounts Type List:

The following is a list of available Account Types in ERP:

• Accounts Payable - Any transactions that involves payments (Credit or Debit) between either a supplier or your customer,
• Capital/Equity - Account for Assets and Liabilities. Includes previous year financial details items such as Net Income and Retained Earnings. 
• Cheque or Savings - Used for Bank Accounts. Bank Accounts must either be Cheque or Savings
• Cost of Goods Sold - Records of the Cost of Goods sold by for the company
• Credit Card Account - Company Credit Cards are posted to this account (company card used for purchases)
• Expense - ALL expenses of the business will be recorded here 
• 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 - Any money sales made will be recorded here
• 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
• Other Current Liability - Records short term liabilities such as payroll related liabilities, GST or VAT liabilities etc.
• Other Expense - Any expense that don't come from your main business
• Other Income - Any income that doesn't come from your core business (i.e invest income rather than sales income)