When adding a new GL account, Workamajig requires that an Account Type be designated from a pre-defined list. The Account Type is used for financial reporting purposes. There is no ability to edit the account type list. If you have a Summary-Detail relationship with accounts, the Summary level account type will be set on all detail accounts. Mixing account types in this relationship is not allowed.
The default list of GL Accounts setup in Workamajig uses a GAAP-based numbering of the accounts. The exception may be the Credit Card account type. Some will place this in the "1" group as it may be easier to see as a "bank"-style account, but it is still a defined liability account.
The pre-defined list of accounts are:
Below will define the nature of the account and
Asset Account Types
At least one account must be designated. The Bank will be used to define where default payments and receipts are booked towards.
NOTE: GL Company Considerations: When setting up an account with account type: BANK, you can now enable Multi Company Payment so that a single bank account type can be shared across multiple GL companies with it's own separate starting check numbers. This way all GL Accounts in System Setup are shared across all GL Companies. However, you are still able to restrict specific GL Account to only be to selected GL Companies.
Accounts Receivable: Required
At least one account must be designated. Though more than one can be created, Workamajig highly recommends that ONLY one be created. This account type is used for client invoicing and AR aging report.
Used to track short-term transactions that are expected to be converted into cash within one year.
Used to track long-term transactions, such as, equipment, and buildings.
Used to track miscellaneous assets that cannot be classified as current assets, fixed assets, or intangible assets.
Liability & Capital Account Types
Accounts Payable: Required
At least one account must be designated. Though more than one can be created, Workamajig highly recommends that ONLY one be created. This account type is used for vendor invoicing and AP aging report.
Used to track the agency's short-term financial obligations that are due within one year or within a normal operating cycle.
Long Term Liability
Used to track financial obligations of the agency that are due more than one year in the future.
Credit Card: Required for Credit Card Integration
At least one account must be designated if using credit card integration. Workamajig recommends you setup a summary account for the main issuing bank and create a detail account for each card that has been issued to your agency.
Equity Account Types
Equity - Does Not Close
Used to track equity transactions. The balances contained in this account will remain unchanged at the beginning of the Fiscal Year.
Equity - Closes
Used to track equity transactions. The balances contained in this account will be zeroed out and added to the Retained Earning figure at the beginning of the Fiscal Year. This is done automatically and on the fly from reports that you run for this type of information.
- There is no need to create a Journal Entry to close the fiscal year (if you want a JE, then use account type of Equity - Does Not Close).
- This is a calculated zeroing out of the balance.
- This is done when running the Balance Sheet on or after the first day of the fiscal year.
Retained Earnings: Required
At least one account must be designated. Though more than one account can be created, Workamajig recommends that only one be used. This account is used for tracking the Retained Earnings at the beginning of each Fiscal Year.
Income Account Types
Used to track client invoicing. Typically, the defined accounts will also be associated to Service Items and Expense Items to better track billed transactions into the appropriate GL account. These accounts will be used for AGI calculation
Used to track income that does not come from the agency's main business
Expense Account Types
Cost of Goods Sold
Used to track client/project-connected vendor invoicing. Typically, the defined accounts will be associated to Expense items to better track client/project transactions. These accounts will be used for AGI calculation.
Used to track agency vendor invoicing. Typically, the defined accounts will be associated to agency-related Expense items to better track agency expenses.
Used to track expense that does not relate to the agency's main business