Some account types have special functionality, like bank and credit card accounts. Remember that credit cards are categorized as a Liability, while bank accounts are Assets. You can only pay vouchers from Bank, Investment, 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.
Below are some examples of how account types can affect other features in CommunitySuite:
- Financials - accounts will be grouped in their account type, and depending on the report, will also be the column heading.
- Admin Fees - the balance used in the admin fee calculation is the sum of all asset accounts, unless you've excluded specific accounts.
- Distributions - the balance used in the distribution calculation is the sum of bank and investment accounts.