1.01 What is the importants of the special type assigned for GL Account?
You will found the following account groups able to select "Special Type".
Fixed Asset
1. Accumulated Deprn Account
Purpose : To differentiate the fixed asset cost and accumulated depreciation in Balance Sheet report, especially the Balance Sheet format "This Year - 3 columns" selected.
Current Asset
1. Bank Account
Purpose : Enable to create Bank Reconciliation and input single entry in Cash Book Entry, Customer Payment and Supplier Payment.
2. Cash Account
Purpose : Enable to create Bank Reconciliation (if you need to reconcile the cash balance) and input single entry in Cash Book Entry, Customer Payment and Supplier Payment.
3. Customer Control Account
Purpose : To set the control account to Maintain Customer and input single entry by selecting the customer code in Sales Invoice, Cash Sales, DN, CN, Customer Payment, etc, but not allowed in journal entry.
4. Balance Stock Account
Purpose : To capture the Balance Sheet stock account in Maintain Stock Value.
Current Liabilities
1. Bank Account
Purpose : Enable to create Bank Reconciliation and input single entry in Cash Book Entry, Customer Payment and Supplier Payment.
2. Suppllier Control Account
Purpose : To set the control account to Maintain Supplier and input single entry by selecting the supplier code in Purchase Invoice, Cash Purchase, DN, CN, Supplier Payment, etc, but not allowed in journal entry.
Cost of Goods Sold
1. Opening Stock
Purpose : To capture the P&L opening stock account in Maintain Stock Value.
2. Closing Stock
Purpose : To capture the P&L closing stock account in Maintain Stock Value.
3. Manufacturing Control Account
Purpose : To differentiate part of the COGS account categorized into the manufacturing account.