Account Types must be defined in Association Anywhere before you can create Natural Accounts, which are used for creating the Chart of Accounts.
- Steps to add an Account Type:
Navigate to “Admin” > “Accounting”> “GL Account Components”> “Account Types” - Prerequisite is the setup of at least one Set of Books.
- Click “Add Record”
- Enter the required information.
- Set of Books – check the set(s) of books with which the Business Unit will be associated.
- Account Type – code by which the system will identify this Account Type.
- This should be all capital letters and should not contain any special characters.
- Common types are CASH, REVENUE, ASSET, and LIABILITY.
- Description – plain text, meaningful description of this Account Type.
- Sort Order – this will determine the order in which the types are displayed.
- Balance Sheet Fl – (Y/N) indicates whether this Account Type appears on the balance sheet.
- Click “Save Changes”
