How to create an account type in Liability in Ledger App?

Updated on March 18, 2020 03:20AM by Admin

Liability refers to those responsibilities to which the business is entitled. It is a present commitment of a business as a result of past events or transactions. However, not all transactions take place within a single account. Apptivo’s Ledger App allows you to create different account types within the Liability account.

For Instance: Consider you have borrowed a sum of money from the bank. You’ll have to pay it in 48 months. This becomes a liability. For this, you want to create a separate account. You can get that done effortlessly with Apptivo.

  • Go to Settings → Ledger → Account Types. Select Create to create a new sub-account type for a particular account in Ledger App. Here, Liability.

  • You can add a name for the account type in the Create Account Type Side Panel. Along with this, add the starting and ending account numbers for the account.
  • An account that falls within this number series will be denoted as the created Account type.
Create Account Type

  • Keep the Enable toggle ON to list the account type for use. Additionally, you can ‘upload Logo’ for this account type.
Upload logo

  • Once the information is added for the Account Type, select Create. The account type is added to the main account → Liability.

  • You can also select the (+) icon to add a sub-account type for the created account. This account type can be used while creating accounts in the Ledger App.

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