26 Chart of accounts

26.2 Account configuration

Headers don’t have any configuration, other than their number and description. Accounts also have a number and description, but require additional configuration for the application to work correctly. The settings are described in the sections that follow.

26.2.1 Account options


This checkmark identifies the account as a contra account, which means that the account is going to hold the opposite of an account it’s associated with. A good example of this kind would be the depreciation account associated with a fixed asset account where the depreciation account contains the credit amount to be added to the original asset (debit) value to get the current asset value.


This checkmark identifies the account as one which needs reconciliation as described in Section 44.3 on page 44.3.


This checkmark identifies the account as a Tax (VAT) account. Tax accounts need to be further configured. See Chapter 27 starting at page 27 for further discussion of the subject.

26.2.2 Summary accounts

There are currently three types of summary accounts:

  1. 1.

    AR Marking an account as a summary account for AR means that all outstanding receivable amounts will be posted to this account. The Accounts Receivable administration will contain the details of which amount is owed by which customer.

  2. 2.

    AP Same as the AR account, except for amounts owed to vendors.

  3. 3.

    Inventory This account holds the monetary value equal to the items on stock.