Types

Use the Types command to maintain details of nominal account types. Account classes define the nature of accounts into the broad classification of profit and loss or balance sheet type accounts as follows:

These predefined classes are used to control the content of the standard reports you can produce using the Income, Expenses, Assets, Liabilities, and Capital/Reserves commands on the Reports menu in the Nominal module. Classes may subsequently be further divided by type. You use the Types command in the Nominal module to create type records, each of which is associated with one of the above classes. This provides further analysis capability because many standard reports can be sorted and subtotalled by type. The application accumulates the net balance of accounts associated with the type which you can view in the Balance box on the Types form.

You can create as many type records as you need and extend the number at any time. If you do not need to subdivide classes into types at present, create just one type for each class. You can then extend the number of types at a later date, if required. You must then create another level of classification using the Sub-Types command in the Nominal module for this, but you must create the type records first.

Type Entries

Box	Description
Type	A unique reference for the account type. You can use one or two characters.
Description	You can add a corresponding description of up to thirty characters.
Class	An option that determines the classification of accounts associated with the account type. You can select Expense, Income, Liability, Asset or Caps and Res from a list.
Balance	The net accumulation of all transactions posted to accounts associated with the type. This is updated by the application automatically and cannot be amended directly.