Account Types define how accounts interact with the system and how they will display in financial statements. Within each category, predefined account types can be selected based on the purpose of the account.
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.
Five Account Types
- Asset (A)
- Liability (L)
- Revenue (R)
- Expense (E)
- Equity (OE)
Assign Account Types
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.