Account Type Details

Account Type Details

Purpose

Account Types allow different setup structures and posting controls to be established to differentiate accounts within a module.

More meaningful reporting and more detailed General Ledger integration will result.

An Account Type is mandatory on every account.

Access

  1. Accounts | Edit/View Account Types
  2. [F2] Lookup on the Account Type field
  3.  | Access Account Types

Dialog Details


Details Specific Fields

Field
Explanation
GL Balance Sheet – Current
[F2] to highlight and  the GL Code that will be used to post the total value of the Account Type Current Ledger to the GL at the end of the month

This GL code must be unique for each Account Type  

If it is not unique, month end integration journals will not be correct
GL Balance Sheet -Future
[F2] to highlight and  the GL Code that will be used to post the total value of the Account Type Future Ledger to the GL at the end of the month  

This GL code must be unique for each Account Type

If it is not unique, month end integration journals will not be correct
Interest Charged Tran Type - Current
[F2] to highlight and  the Account Transaction Type that will be used to generate the transaction for interest due to be charged to an Account

The Transaction Type does not need to be specific to an Account Type
Interest Paid Tran Type - Current
[F2] to highlight and  the Account Transaction Type that will be used to generate the transaction for interest due to be paid to an Account

The Transaction Type does not need to be specific to an Account Type
Withhold Tax
[F2] to highlight and  the Account Transaction Type that will be used to generate Resident Withholding Tax transactions when interest has been paid on an Account

The Transaction Type does not need to be specific to an Account Type
Direct Debit
[F2] to highlight and  the Account Transaction Type that will be used to process Direct Debits for this Account Type to the Cashbook System

The Transaction Type does not need to be specific to an Account Type
Direct Credit
[F2] to highlight and  the Account Transaction Type that will be used to process Direct Credits for this account type to the Cashbook System

The Transaction Type does not need to be specific to an Account Type
Transfer Trans – Interest
[F2] to highlight and  the Account Transaction Type that will be used to transfer the interest posting transaction to another Account

This Transaction Type is commonly used when interest needs to be transferred from a Deposit Account to a Call Account; or for a  Variable Loan, whose Future Ledger interest is to post to the Current Ledger

The Transaction Type does not need to be specific to an Account Type
Commission Trans. Type
[F2] to display and  the Dealer System Account Transaction Type that will be used to post the Dealer Commissions calculated by the system
Ad Hoc Fees Tran Type
[F2] to highlight and  the Account Transaction Type that will be used to post the Ad Hoc Fee transactions in for Bailment and Distributors
Ad Hoc Fees Tax Trans Type
[F2] to highlight and  the Account Transaction Type that will be used to post the Ad Hoc Fee Tax transactions in for Bailment and Distributors
Direct Credit Statement Description
This is the default description which will be added to any Direct Credit batches created against this Account Type
Auto Code Account
Checked on to automatically code each new account that is created using this Account Type

At least one of the next two fields will also need to be completed for Auto Coding to work
Prefix for Auto Coding
Enter an alpha character that will be used as the first character of the Account Code
Last Auto Code Number
Enter the number of the Last Code used on a module account prior to automatic coding being implemented
Accnt Statement Summary Option
This feature is no longer used
Accnt Statement Print Interest Rate
Check on if the latest interest rate is to be printed on the Account Statement
Show Reg. No. in DD bank Reference
Check on to insert the vehicle registration number as the Direct Debit reference when a system generated Direct Debit file is created
Use Client Name for DC Reference
Check on to insert the first 11 characters of the client name as the standard DC reference when a system generated Direct Credit file is created
Livestock
Check on to turn on Livestock functionality in Bailment
Account Statement Creation

Details Specific Buttons

[Button]Explanation

Accesses the Account Type IFRS Details dialog

A different dialog is presented for:
  1. IFRS Setup For Deposits
  2. IFRS Setup for Lending Modules








[Button] only enabled for the Account Type module that is being setup

Access and complete the dialog with the module specific setup detail

Access the (Account Type) Report Details dialog


    • Related Articles

    • Bailment Account Type Setup

      Purpose To differentiate different types of Bailment Accounts Examples maybe: Related Party Non Related Party Access Account | Edit/View Account Types | | Dialog Details Asset Processing Field Explanation Asset Purchase Trans Type When a bailed asset ...

    • Variable Loan Account Type Setup

      Purpose Account Types are to differentiate the types of Variable Loans provided. Examples may be: Interest only compounding Interest only repayable Principal and interest Or the distinction may be by product offering: Revolving Credit Mortgage ...

    • Lease Account Type Setup

      Purpose To differentiate different types of Leases Example account types may be: Operating Finance Maintained Non-Maintained Print Copy Cost per Copy Access Account | Edit/View Account Types | | Dialog Details The following dialog will display: This ...

    • Payables Type Details

      Purpose Multiple Payable Types can be set up. These allow control of different categories of Payable. Typical examples may be Sundry Creditors and Trade Creditors. In the examples below, separate Payable Types have been set up as: • Sundry Creditors ...

    • Fixed Loan Account Type Setup

      Purpose The Fixed Loan Account Type details setup will specify the calculation rules, Transaction Types and General Ledger codes that are used to post control transactions on the Fixed Loan Account. Access Account | Edit/View Account Types | | ...