Receivable Type

Enter a number (0-255) that identifies this receivable type.

Receivable types define various GL accounts that will automatically be updated when transactions are posted in AR. Many companies need only one receivable type. This will point all transactions to a single current Accounts Receivable account, and optionally a separate account for Accounts Receivable Retainage. However, some companies use additional receivable types to track Employee Receivables, or to easily separate the reporting for divisions, departments, or locations.