This function allows you to define the structure of your Chart of Accounts. You can create additional account types or rename the descriptions of those system generated account types to suit your requirements. Account types defaulted by the system are not allowed to delete.
To access Account Type, click on the Master Data icon > Account Type.
Creating new Account Type
To create a new Account Type, click on the “+New” button.
Fields
Account Type: Key in your Account Type. May also select the Account Type is a Balance Sheet Type or Profit and Loss Type.
Description: Key in Account Type description. This description will be displayed when previewing or printing financial report.
Alternate Description: Key in Account Type alternate description.
Edit Account Type Order
You can build the hierarchy of your chart of accounts by arranging the orders of each Account Type. You can do this by clicking on the “Edit Account Type Order” button.
You can select any Account Type and click on the “Move Up” or “Move Down” button to move the arrangement. These arrangements will affect your chart of accounts as well as your financial reports.
Click “Save” to commit the changes once you had done keying in or editing the required information.