For each GL Account, you can specify a group to be used in the financial statement groups by selecting one of the following groups from the drop-down box.
AST - Asset
LBT - Responsibility
EQT - Equality
INC - Income / Revenue
EXP - Expense
IOE - Other Income, Gains or Expenses, Losses
OFS - Reconciliation / Balancing
Determining Journal Entry Accounts
If the GL Account is a "Journal Entry Account" that will be used in Journal entries (i.e. it is the lowest level account), you must select the "Journal Entry Account" checkbox.
When you check this checkbox, the following fields will be displayed by the System and you must specify them to be used in journal entry transactions.
Note: Journal Entry Accounts will appear as "Data Entry Account" in the "Account Hierarchy" field in the "Account Position" section of the "GL Account Information" screen.
Determining Account Category
With the Financial Statement Group selection, existing account categories (i.e., Level 1 GL Accounts defined in the "Uniform CoA") are listed in the "Account Category" drop-down box.
You can choose one of these.
Determining Account Type
Based on your Account Category selection, the account types available for that selection are listed in the "Account Type" combobox.