GL Account Classes

Purpose

The Chart of Accounts within Raqim is defined by Type, Class, Group and Account. All transactions are charged to an Account. Groups, classes and types are used to group transactions together for reporting purposes.

Class Types are the highest level and are set within the system. The following Class Types have been defined:

Assets (1)

Liabilities (2)

Equity (3)

Income (4)

Costs (5)

The Balance Sheet includes accounts that fall into types 1,2 and 3 whilst the Profit and Loss account includes accounts in types 4 and 5

Procedure

You will need to do this before you set any Account Group. Add an ID that does not already exist, enter a name and select a Class Type. Click on Add New.

Tips and Tricks

You can create as many classes as you like. When you do a Trial Balance the entries will be totaled by class.

Note: There is a misuse of terminolgy within Raqim. In the Account Class, one of the fields is Class Type. This is the Type refered to above. In the Account Group screen, there is also a Class Type field. This is the Class refered to above. If you try and delete an Account Class that has Groups defined for it, you will get an error message saying it has GL Account Types refering to it. It really means Groups.