Use the following procedure to add an Account in the Financial Transactions section of the Setup module:
1. From the Financial Transactions section of the Setup menu, select Accounting > Accounts.
2. In the List of Accounts grid, click Add.
3. Enter information in the following fields:
•ID: Enter a unique ID number for the account.
•Name: Enter a unique name for the account.
•Type: Select the account type:
o Deposit – A Deposit account type is used to track deposits such as those for housing and rental equipment. Institutions may have more than one Deposit account type.
o Regular – A Regular account type is used for charges and credits, such as for housing charges and credits. Institutions may have more than one Regular account type.
Note: The Payment account type is the cash account used to track payments. An institution can only have one Payment account. The Payment account is predefined and cannot be deleted. However, the Payment account’s Name and ID can be edited.
•Apply Priority: Enter a value to determine in which order the account has charges or credits applied to it when Auto Apply is used. The lowest number indicates the highest priority when applying money using the Auto Apply function.
4. Click Save. The Account successfully added message is displayed.
After adding an account, edit the account to assign Transaction Codes and configure Interest.