Account Types

In the course of doing business,one needs to keep track of all the various accounts that increase or decrease to represent money coming into and going out of your business.A chart of account lets you organize account types and easily locate transaction information.There are five main types of account

  • Assets,
  • Expenses
  • Liabilities
  • Revenue/Income
  • Equity

This can be expanded into further sub accounts and this is business centric.This in a fined tuned way show your where the money went and you can better track how much money you have in each individual account.

To setup account types on Netpap.

  1. Navigate to Financials and click
  2. Click Ledger Setup and the click account types

Navigate and click on the ADD button Fill in the Account Type details and then SAVE

  1. Possible values for account types for a typical internet providers(case sensitive)
Account PayablesLiabilityAccount Payables
Account ReceivablesAssetAccount Receivables
Current LiabilityLiabilityCurrent Liability
BankAssetBank account
EquityEquityEquity(capital not the bank)
Retained EarningsAssetRetained Earnings
General ExpensesExpenseGeneral Expenses
Long Term LiabilityLiabilityLong term Liabilty

Powered by BetterDocs