Title here
Summary here
Account Code
A logical ‘account’ which is used to group financial transactions related to a particular kind of activity.
Remarks
All financial transactions in the system should be linked to an account code, so that they can be categorised later. An account code can represent anything you like, but should generally represent an activity that generates revenue or expenses of a particular type, something you would like to track.
Your accountant will be able to help you define the account codes for your site.
Properties
| Property | Definition |
|---|---|
| Account Type | The type of account code. … |
| Code | A unique code that identifies the account. It can be any alphanumeric string, but is usually a 3 digit number |
| Description | A more detailed description of the account code. |
| Import Id | ID of the Database Import this record was part of, if it has been imported from elsewhere. |
| Import Source Id | Original ID of the source object if this record has been imported from elsewhere. |
| Inactive | When this is true, the Account Code will not be available to assign to new transactions. |
| Name | A short description of the account. |
| Tax Type | The default sales tax rate that applies to transactions linked to this account code. … |
Account Type
The account type can be one of the values as defined below:
| Category | Account Type | Definition |
|---|---|---|
| None | None | No type is assigned. No special meaning. |
| Assets | Bank | Represents a Bank Account. |
| Current Assets | Cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets. | |
| Fixed Assets | Long-term tangible property or equipment used to operate your business. | |
| Inventory | Stock in hand. | |
| Non current assets | Long term investments. | |
| Prepayment | Payments to settle an expense ahead of time. | |
| Liabilities | Current Liability | Short term debt. |
| Non current Liability | Long term debt. | |
| Expenses | Depreciation | Records depreciation of physical assets. |
| Direct Costs | Records costs that can be completely attributed to the production of specific goods or services. | |
| Expense | Costs incurred in running your business. | |
| Overhead | Ongoing business expenses not directly attributed to creating a product or service. | |
| Equity | Equity | Records ownership interests in your business. |
| Revenue | Other Income | Non-sales income. |
| Revenue | Total of all income to your business. | |
| Sales | Income from sales of a product or service. |
Tax Type
The system will use the default revenue and expense sales tax rates as appropriate if no value is specified, so only set this if you would like to override the default tax types for a specific Account Code.
Next
Financial Tag