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Administrator Guide
Last Updated: 2024-04-19
Create Ledger Account Types

Create Ledger Account Types

Security:
Set Up: Accounts
 domain in the Common Financial Management functional area. See Steps: Set Up Security Permissions.
You can configure the types of ledger accounts to use on balance sheets and income statements. Account types enable you to group similar accounts within your account sets. After you create a balance sheet or income statement for a company, you can select accounts from the types you create. Example: For balance sheets, you can define assets and liabilities and for income statements, you can define income and expenses.
  1. Access the
    Maintain Ledger Account Types
     task.
  2. As you complete the task, consider:
    Option Description
    Account Type Name
    At a minimum, define assets, liabilities, and equity for balance sheets, and income versus expense for income statements. Or you can define these basic components to be as granular as you want, such as short term versus long term.
    Normal Debit Balance
    Select when accounts are normally debits and you want to display them in the debit column. Clear to display in the credit column.
    Expense Source
    Select to:
    • Calculate facilities and administration and revenue recognition for manual journal lines.
    • Identify an expense account for spend.