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User Guide - Account Types

This article reviews the description, functionality, and directions for setup and use of the Account Types to configure the Global Chart of Accounts in Smartwebs

These account types are used to configure the Global Chart of Accounts:
  • Assets
    • Owned by the association. 
    • Banking accounts (Cash), Inventory, Accounts Receivable, and Fixed Assets.
    • Property
  • Liabilities  
    • Owed by the association.
    • Accounts Payable, Loans, Capital, Retained Earnings, Prepaid Assessments.
  • Equity  
    • Money you have invested in the association.
  • Revenue/Income  
    • Funds received by the association.
    • Assessments, Fees, Parking, Amenity Reservations, etc.
  • Expenses  
    • Funds spent by the association for operation.
    • Repairs, Utilities, Tax Preparations, Meeting Expenses, Landscaping, etc.