Workamajig has the following Account Types available to use.
Asset Account Types
NOTE: When setting up Bank Account type, 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 so they don't have to be setup as another set of Chart of Accounts for each GL company.
- Recommend only one account of this type be created.
Liability & Capital Account Types
- Recommend only one account be created for this type
Long Term Liability
- Used to setup and track Credit Card transactions.
Equity Account Types
Equity - Does Not Close
- The balances contained in this account will remain unchanged at the beginning of the Fiscal Year.
Equity - Closes
- 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.
Income Account Types
- Recommend only one account be created for this type.