Farm IT Help - Account Types

Account Types

There are specific types of account defined by the system. The type of an account defines how the system will treat the account and how it appears in reports for example Profit and Loss and Balance Sheet reports. The following account types are defined by the system.

Income

Income accounts include all accounts that provide sales income - sales of goods, livestock, grants, subsidies etc.

Cost Of Goods Sold

Cost Of Goods Sold accounts include all purchase of stock for resale.

Expense 

Accounts which record money we spend that are expenses of running the business - purchases of fertilisers, medical treatments, fuel, expendable items, owners drawings etc.

Bank

Bank accounts and cash accounts.

Credit Card

Credit card accounts.

Loan

Business loans etc.

Equity

Capital or other fund provided to the business by the owner(s).

Fixed Assets

Account for permanent resources belonging to the business - purchase farm buildings, equipments etc.

Other Current Asset

Other business assets.

Other Current Liability

Other current liability other than money owed to suppliers, loans etc.

Other Long Liability

These include bank loans.

Accounts Receivable

System account for controlling money we are owed.

Accounts Payable

System account for controlling money we owe.

TAX

System account for controlling VAT and other taxes.

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