What is an account type and how do I configure it?

What is an account type ?

An account type is a name or code given to an account that indicates the account’s purpose.

In Odoo, Account Types are used for information purpose, to generate country-specific legal reports, set the rules to close a fiscal year and generate opening entries.

Basically Account types categorize general account with some specific category according to its behaviour or purpose.

Which are the account types in Odoo ?

Odoo covers all accounting types. Therefore, you cannot create new account types. Just pick the one related to your account.

List of account types
Receivable
Payable
Bank and Cash
Current Assets
Non-current Assets
Prepayments
Fixed Assets
Current Liabilities
Non-current Liabilities
Equity
Current Year Earnings
Other Income
Income
Depreciation
Expenses
Direct Costs

How do I configure my accounts?

Account types are automatically created when installing a chart of account. By default, Odoo provides a lot of chart of accounts, just install the one related to your country.

It will install generic accounts. But if it does not cover all your cases, you can create your own accounts too.

Note

If you are a Saas User, your country chart of account is automatically installed.

To create a new accounts, go to the Accounting application. Open the menu Adviser ‣ Chart of Accounts, the click on the Create button.