Create Account Type

The Account Type functionality allows a user to define the structure of General Ledger Accounts for finance and reporting purposes. Each General Ledger Account is associated with a specific Account Type. This relationship helps to properly capture business activity and allows for financial reporting and analysis. 

Ordway automatically provides typical Account Types already populated (Assets, Liability, Equity, Income, Expense), but new Account Types can also be created.

Steps:

1. Navigate to Menu > Finance > Account Types.
   
2. Click Add.
   
3. Enter an Account Type and the associated Account Sub-Types.
   
4. Click Save.
5. Once the new Account Type is created, navigate to Menu > Finance > Chart of Accounts.
6. Add new GL accounts or edit existing GL accounts to be tagged with the recently created Account Type.