Some Account Types have special functionality, like Bank and Credit Card. Remember that Credit Cards are categorized as a Liability while Bank Accounts are Assets. You can only pay vouchers from Bank or Credit Card accounts.
Account Types are broken into five categories:
- Asset (A)
- Liability (L)
- Revenue (R)
- Expense (E)
- Equity (OE)
Within each category, predefined Account Types can be selected based on the purpose of the Account. Account Types define how your Accounts interact with CommunitySuite and how your Accounts will display in Financial Statements.