Every account in your chart of accounts has several key information details which you can use to learn more about the account.


1. Code


Each account has an account code of up to 10 characters. The code is used to group similar or frequently used accounts together in your chart of accounts. You can use any code for any account as long as it's unique.


You can edit any of the accounts and change the code according to your needs but check if your accountant or bookkeeper has a preferred set of codes they want you to use.


2. Name and description


Every account in omniLedger must have a name up to 256 characters.


The account description is optional for all accounts. Use letters, numbers or symbols for the description, up to 400 characters.  You can edit the account name and description at anytime.


3. Type


Each account has an account type which omniLedger uses to determine where the account appears in your financial reports. Some account types are used for specific purposes. 


Changing the account type may move the account to a different section on reports. 


Choose the account type when you add a new account. You can change the account type at any time by editing the account. You cannot change Account on Omnibasis type.

Account types in omniLedger are arranged in 5 categories:

CategoryAccount type

Assets

  •   Cash

  • Bank Account

  • External Account

  • Current Asset

  • Fixed Asset

  • Inventory Asset

  • Other Asset

  • Prepayment

  • Account Receivable

Liabilities
  • Current Liability

  • Long-term Liability

  • Other Liability

Expenses
  • Depreciation

  • Direct Costs

  • Expense

  • Other Expenses

Equity
  • Equity
Revenue
  • Income Refunds

  • Revenue

  • Sales

  • Equity


4. Balance


Each account on your chart of accounts shows a current balance figure.