An Account is used to track a set of transactions in the form of Debits and Credits. There can be many types of Accounts including Bank, Income, Expense, Asset, Equity, Payable, Receivable, etc.
Use the ‘Account’ module to create or update an Account.
- Account Type: The account type sets the type of account such as a Bank, Asset, & Expense.
- Entry Type: The Type will be auto-selected for this account in the Journal Entry module.
- Account Name: This is the name of the account, it will appear in all its transactions moving forward.
- Description: This describes what the account is used for.
- G/L Account Code: The General Ledger Code, often used as a 4 digit number, is associated with the account.
- Is Sub Account Of?: If this account is a sub-account, its parent account is selected here.
- Currency Code: The currency of the account.
- Opening Balance: Enter a positive or negative number here if the account has an Opening Balance. This will automatically generate a Journal Entry when the account is first created.
- Opening Balance Entity: If there is an opening balance, select an entity here to attach.
- Opening Balance Offset: If there is an opening balance, select an offsetting account for the Journal Entry transaction.
- Opening Balance Date: If there is an opening balance, set the Opening Balance Date
Block transaction Posting: Turn on this Toggle if no more records are to be Posted in the Account.
Bank Transfer Info Tab: Payments through the ABA files can be made for making payments to the Vendors using the Banks. Add the Bank Transfer Info here. Read here for more details.