How to add an account type

Account types enable you to reflect assets and liabilities on both client and financial statements in a way that best fits your business requirements. Account types fall into predefined account categories and these are detailed below. The example given would allow time deposit postings and reporting to be different, depending on the length of the deposit.

There are a number of predefined categories which relation to the transaction types in Primacy Workplace:

• Accounts Payable
• Accounts Receivable
• Cash
• Credit Card
• Current Asset
• Current Liability
• Depository
• Fixed Asset
• Investment, Loan
• Long Term Liability
• Time Deposit

To add an account type

1. Click Client administration > Lists > Setup > Account types.
2. Click Add account type.
3. Enter values in the fields where appropriate. See Account type (form) for more details.
   
   
   
   
4. Click Save or Save and close.

 The Hold balance field allows you to specify how much money will be put on hold in the account. When you set up the amount for the hold, when you try to withdraw money from the account that will put the balance below the hold amount, a warning message will appear informing you that will be putting the balance below the hold level. 

 Account types are not only used to direct your postings into the desired general ledger accounts but can also be used to create your own style of banking products. Use the Banking module to set up your own account types.

 For non-banking, trust and company administration work, the account types of your bankers can be set up and used when posting transactions, so that cash management and reporting can reflect that of the actual external bank accounts.