Defining Account Type System Attribute

Account Types are associated with profiles and reconciliations.

Account types enable classification of profiles, reconciliations, and adjustments according to a hierarchical structure that defines: – The nature of the account (for example, asset, liability, or equity) – Subclassifications (for example, current assets and noncurrent assets) – Specific account types (for example, cash) To achieve the maximum benefit, configure account types to match the structure that is used for financial reporting.

To edit the Process system attribute:

1. From Home, click Application, then click Configuration, and then select the System Attributes tab.
2. Select Account Type.
3. To add a new account type, click New (+), and enter the name (for example, Assets).
4. To edit an account type, highlight the account type, then type a new value in the field.
5. Click Save.