When setting up your Chart of Accounts, you must define whether the account is an Asset, a Liability, a Cost, Revenue account, etc. Infinity allows you to set-up your own account types.
- Open the accounting module.
- Select the Edit menu in the upper left of the screen.
- Hover over Modify to expand the submenu.
- Choose the Setup Account Types option. This will open the GL Account Types window.
- The system comes pre-loaded with a list of descriptions like Accounts Payable, Assets, New Vehicle, etc. To add a new type, click in the starred row at the bottom of the list. You can add more descriptions as needed, but the account types are hard-coded and cannot be added or changed.
- Enter a description for the new type.
- Choose the applicable internal type.
To change the color for the GL account type, click the choose color button. This will open a color selection window.
- Select the desired color.
- Click the OK button. This will return you to the GL Account Types window.
- Optionally, you may enter a print order number. The print order defines which order the account types will print when you select specific reports. The higher the number, the lower in the list that the account will print.