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Account Codes
To access the Sales Tax Rate page, use the
- Financials\Account Codes
menu option.
The Account Code page displays a list of all the account codes that have been set up in the system. An Account Code is the primary way that you will categorise financial transactions in your business so that you can make informed decisions about your business.
You can thinkof an Account Code as being like a bucket that you put all the money from a particular type of transaction into. At the end of the year (or month, quarter etc.) you can look in the buckets to see where your money came from or went to.
Field Definitions
| Field | Meaning |
|---|---|
| Name | Descriptive name of the Account Code. |
| Code | A numeric of alpha short code for the Account Code. |
| Category | An Account Code can be for transactions that are Revenue, Expenses or neither (None). This field is used to help you select the correct account code when reconciling transactions to account codes. |
| Type | The Type field groups account codes togther by the accounting type and is used for financial reporting. See Account Code Types below for more information. |
| Tax Rate | Specifies a default Tax Rate to use when transactions are reconciled to the Account Code. See Sales Tax Rates for more information. |
| Disabled | Marking an Account Code as disabled will remove it as an option when creating, editing or reconciling transactions. When an Account Code is associated with one or more transactions, it cannot be delete from the system. Marking an account code as Disabled will prevent new transactions being associated with an old Account Code. |
Account Code Types
| Type | Description | |
|---|---|---|
| Assets | ||
| Bank | The account code represents a bank account. | |
| Current_Asset | The account code identifies short term assets, typically used up within a year. | |
| Fixed_Asset | The account code identifies long term, physical assets such as property, plant and equipment. | |
| Inventory | The account code identifies goods for sale on hand. | |
| Non_Current_Assets | The account code identifies long term, non-physical assets, such as trademarks and other intellectual property. | |
| Preypayment | The account code identifies payments received in advance of sending goods or services. | |
| Liabilities | ||
| Current_Liability | The account code identifies short term liabilities, typically due within a year. | |
| Non_Current_Liability | The account code identifies long term liabilities, typically due after a year. | |
| Liability | The account code identifies a liability. | |
| Expenses | ||
| Depreciation | The account code identifies the depreciation of fixed assets. | |
| Direct_Costs | The account code identifies a cost that can be attributed directly to a product or service. | |
| Expense | The account code identifies an expense. | |
| Overhead | The account code identifies an ongoing expense not directly attributed to creating a product or service. | |
| Equity | ||
| Equity | The account code identifies shareholders equity. | |
| Revenue | ||
| Other_Income | The account code identifies income that is not directly related to the sale of goods or services. | |
| Sales | The account code identifies income from the sale of goods or services. | |
| Revenue | The account code identifies income from the sale of goods or services or other sources of income. | |
| None | ||
| None | General purpose indeterminate account code type. |
Creating and editing Account Codes
The Account Codes page follows the standard List Page Actions paradigm.