The general tab of the account master is used to enter information about the account such as its type, the group it belongs to, etc. This tab covers the basic information about an account.

Fields & its description:

• Account Type

Account types has its own unique purposes. For instance, cash account deals with cash transactions and bank account with e-transactions among others. General ledger type is used to sort and store balance sheet and income statement transactions. Sub ledgers are used for supporting the general ledger.The purpose of the control account is to keep the general ledger free of details, yet have the correct balance for the financial statements. It acts as the summary account. A subsidiary ledger contains the details to support a general ledger control account.

• Account Group

Each account belongs to an account group. Select that account group in this field.

• Currency

The type of currency used for business transactions should be selected in this field.

•  Combine Account

If this account is used as part of a combination with another account, then specify the combine account in this field.

Check if this account acts as an Intercompany account (transactions between parent companies and subsidiaries). If this account contains a sub account then check sub account applicable.