I want to setup capital account with 3 partners
Capital
Partner 1
Partner 2
Partner 3
what is the "Internal Type" and "Account Type" for Capital?
what is the "Internal Type" and "Account Type" for Partners?
I installed UK Accounting
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You have to create direct Journal Entries to setup Capital and Partners shares.
Internal Type of Capital account is Regular, Account Type Liability.
Internal Type for Partner (not for Customers and Suppliers) Account is Regular and Account Type Equity. (Account to keep individual business share / investments.)
Thank you Arif For your answer, OK no Liability in the Internal Type drop down list for capital, only view, regular, receivable, payable, liquidity, consolidation and closed
This ValidateError Error occurred while validating the field(s) user_type,type: Configuration Error! You cannot select an account type with a deferral method different of "Unreconciled" for accounts with internal type "Payable/Receivable". for partner account
You can set Internal Type of both account to Regular.
Thank you Arif, I set Capital Internal Type view and Partners shares Internal Type Regular, "You have to create direct Journal Entries to setup Capital and Partners shares" I can't do it, I think need to make opening balance for partner shares accounts rightØ
Yes, you have to create Journal Entry using the Journal 'Opening Balance Journal' (Equivalent journal in your Charts of Accounts)
