Account Types define how accounts interact with the system and how they will display in financial statements. Within each category, choosing from one of the predefined account types organizes the chart of accounts and segments financial reporting. These predefined account types are not editable.
Examples of how account types can affect other features in the system are listed below.
- Financials - Accounts will be grouped in their account type, and depending on the report, will also be the column heading.
- Admin Fees - The admin fee calculation is based on the sum of all asset accounts unless selected asset accounts have been excluded. If Use Average Trailing Quarters Balance is selected on the admin fee type, the calculation is based on bank and investment accounts, and not total assets.
- Distributions - The balance used in the distribution calculation is the sum of bank and investment accounts.
Some account types have special functionality, like bank and credit card accounts. Remember that credit cards are categorized as liabilities while bank accounts are assets. Vouchers are paid from bank, investment, or credit card accounts.
Who: Finance and accounting teams and system administrators managing the chart of accounts and financial reporting.
Five Account Types
CommunitySuite includes five account types that organize the chart of accounts and segment financial reporting.
Asset (A) - Resources owned or controlled by the organization.
Liability (L) - Obligations owed by the organization to others.
Revenue (R) - Income received by the organization.
Expense (E) - Costs incurred by the organization in its operations.
Equity (OE) - The organization's net assets, representing the difference between total assets and total liabilities.
The order in which account types are displayed on financial reports can be re-sorted by using drag and drop to reorder the account types and then clicking Save Sort Order. Account types can be created, edited, and deleted on the Account Types page.
Assign Account Types
To assign account types to accounts:
- Navigate to the Accounts page and click Edit Types in the left-side menu.
- Select the Account Type from the drop-down menu located next to each account.
- Click Update at the bottom of the list.