Summary

Account Types are used to define the GL accounts affected by inventory transactions. The required account type codes include a GL asset account for inventory, a GL account for purchase orders, and a GL account for requisitions. Other account types commonly created include a GL expense account for overage and shrinkage, a GL account that will be affected when an inventory item is issued, and a GL clearing account.

If you use more than one GL account for the same type of transaction, you may only need to set up one account type and attach the most used GL account to the account type. The account type can be overridden when a different GL account is needed on a particular inventory item. This allows you to set up a minimal number of accounts types to start.

Step by Step

1     Open the Account Type Maintenance window (IC> Maintenance> Account Type).

• The Account Type Maintenance window will display all of the account types created in the application.
  • The Inventory, Purchase Orders, and Requisitions account types will automatically populate the window.
• Select an account type in the data grid and the details associated with that account type will populate the fields in the Edit section on the right.
• Select an account type and click DELETE to delete the selected account type.
  • You cannot delete a default account type or an account type that is associated with an existing category.
• Click CREATE ACCOUNT TYPE to create a new account type. This will enable the Create Account Type fields to the right.

2     Create a new Account Type.

• Enter a unique Account Type code for the new account type.
  • This field can be up to 40 characters long. Once the account type has been saved, you will not be able to edit the Account Type field.
• Click the Account field search button to select an account from a list. This will open the Chart of Accounts Selection window.
  • The selected GL account will be used as either a debit or credit account when the account type is attached to a Category (IC> Maintenance> Category> Debit Account Type and Credit Account Type fields).
• Enter an optional Description for the account type.
  • This field can be up to 256 characters long.
• Click the Save button to save the new account type.