Within Phoenix there are four different account types:
Reconciled accounts are accounts for which you receive statements that you need to reconcile or compare your records with. You will use reconciled accounts for any bank accounts, stock firm accounts, credit cards, or any loans where statements are received.
Each reconciled account must have a reconciliation interval defined and must be one of five types: Bank, Stock Firm, Cash Sale, Credit Card or Loan.
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Customer accounts in Phoenix are used to:
•Produce invoices. •Produce regular statements for your Customers and record your finances using the accrual accounting model. Supplier accounts are used to:
•Record invoices as they are received to keep track of payments. •Maintain these accounts according to the accrual accounting model. More...
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Asset and Liability accounts are just like reconciled accounts but they don’t need to be reconciled. The Assets and Liabilities created will appear in your Net Worth report.
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Use Physical accounts to record details of livestock, produce kept on hand, resources purchased and used on the farm or any asset where the number of items is required as well as the value (For instance, shares).
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