→ 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, 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 account types in KIU
KIU covers all accounting types. Therefore, you cannot create new account types. Just pick the one related to your account.
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List of account types |
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Receivable |
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Payable |
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Bank and Cash |
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Current Assets |
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Non-current Assets |
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Prepayments |
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Fixed Assets |
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Current Liabilities |
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Non-current Liabilities |
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Equity |
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Current Year Earnings |
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Other Income |
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Income |
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Depreciation |
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Expenses |
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Direct Costs |
→ How to configure accounts
Account types are automatically created when installing a chart of account. By default, KIU 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 Module. 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.