Balance Type: General Area

Fields / Options

Used for

Name

Enter a name for the balance type.

• It is a required field. If you do not provide a name for the balance type, you will not be able to save it.

Active option

Turn this option on to activate the balance type to be able to use it for preparing a balance sheet and profit & loss report.

If you have been using a balance item for a while but no longer need it, you can deactivate it instead of completely removing the balance type from the system to avoid losing any data.

Default option

Turn this option on to make the specific balance type a default one.

This balance type will be offered as a default selection to be based on while creating new balance sheet or profit & loss report.