Bank Account

Use to configure a bank account.

Cash Account

Use to record cash transactions.

Closing Account

Use in the year-end closing process to post the total balance for each account type. Normally, you create four year-end closing accounts:

See Year-End Transactions for details.

Cross-Company Control Account

Use to record postings from one entity to another. The corresponding balances are kept in mirrored cross-company accounts.

Customer Control Account

Use as the control account for customer Accounts Receivable activity.

Customer Payment Account

Use to record customer payment transactions, such as those involving checks, direct debits, and drafts.

Fixed Assets Account

Use to record fixed assets activity.

Inventory Control Account

Use to record the inventory sub-ledger activity.

Open Items Account

Use to record open item transactions. Open items are unpaid and partly settled invoices, both from customers and suppliers, where the transaction is not completed at the end of the GL period. You can perform reconciliation on open item accounts.

Standard Account

Use to define basic, non-specific accounts.

Supplier Control Account

Use as the control account for supplier Accounts Payable activity.

Supplier Payment Account

Use to record supplier payment transactions, such as those involving checks, paper and electronic transfers, and drafts.

System Account

Use system accounts for accounting functions that affect all data and transactions for a shared set, such as rounding differences, revaluation, or fixed-asset disposals. See System Account Types for a list of types.

Tax Account

Use to record tax entries and transactions, such as the tax charged on sales, known as output tax, and the tax paid on purchases, known as input tax. Use the information in the account when completing your tax return at the end of each tax period.

WIP Control Account

Use to record the cost of open work orders, such as raw materials taken from inventory and being used in the manufacturing process. WIP control accounts also include the cost of component issues, labor, burden, and subcontracts.