Accounting 🡪 Settings → Account Detail Types
The accounting module system allows users to define and configure account details for accurate financial management. This includes setting the accounting type, naming the account, linking it to the statement of cash flows, and providing a description. Proper configuration ensures that accounts are categorised correctly and financial reports are accurate.
Accessing the Account details Types
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Navigate to the Accounting → Settings → Configuration → Account detail types
Configuring Account Detail Types
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Accounting Type
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Description:
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This field allows users to specify the type of account. The accounting type determines how the account is categorised and used in financial reporting.
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Options:
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Common types include Accounts Receivable, Current Assets, Long-Term Liabilities, Equity, Revenue, Expenses, etc.
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Example:
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Select "Accounts Receivable" for accounts that track money owed by customers.
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Name
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Description:
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This field is used to assign a unique and descriptive name to the account.
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Guidelines:
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Use a clear and concise name that reflects the purpose of the account.
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Example:
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"Customer Invoices" for an accounts receivable account.
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Statement of Cash Flow
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Description:
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This field links the account to a specific section of the statement of cash flows, categorising the cash flow as operating, investing, or financing activities.
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Options:
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Operating Activities, Investing Activities, Financing Activities.
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Example:
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Choose "Operating Activities" for accounts related to day-to-day business operations, such as accounts receivable.
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Figure 1 Define new account detail type
Figure 2 List of existing account types