WHAT IS AN ACCOUNT TYPE AND HOW DO I CONFIGURE IT?

What is an account type?

An account type is a name or code given to an account that indicates the account's purpose.

In KIU ERP, Account Types are used for information purpose, to generate country-specific legal reports, set the rules to close a fiscal year and generate opening entries.

Basically Account types categorize general account with some specific category according to its behaviour or purpose.

Which are the account types in KIU ERP?

KIU ERP covers all accounting types. Therefore, you cannot create new account types. Just pick the one related to your account.

List of account types

Receivable

Payable

Bank and Cash

Current Assets

Non-current Assets

Prepayments

Fixed Assets

Current Liabilities

Non-current Liabilities

Equity

Current Year Earnings

Other Income

Income

Depreciation

Expenses

Direct Costs

How do I configure my accounts?

Account types are automatically created when installing a chart of account. By default, KIU ERP provides a lot of chart of accounts, just install the one related to your country.

It will install generic accounts. But if it does not cover all your cases, you can create your own accounts too.

To create a new accounts, go to the Accounting application. Open the menu Adviser ‣ Chart of Accounts, the click on the Create button.

Type

Account Type is used for information purpose, to generate country-specific legal reports, and set the rules to close a fiscal year and generate opening entries.

Tags

Optional tags you may want to assign for custom reporting

Account Currency

Forces all moves for this account to have this account currency.

Type

The 'Internal Type' is used for features available on different types of accounts: liquidity type is for cash or bank accounts, payable/receivable is for vendor/customer accounts.

Allow Reconciliation

Check this box if this account allows invoices & payments matching of journal items.