This screen enables you to configure asset accounts in your new database. The fields are as follows:
- Assets code and Assets name: This is a header account that all other asset accounts are grouped under. The name of this account will appear on reports that group assets together.
- Current assets code and Current assets name: In Accounting, an asset is current if it is expected to be realized to cash/near cash within 12 months. This account is a header account used to group other asset accounts used for shorter term assets.
- Bank account code and Bank account name: Uwazi will create one bank account by default. Use these fields to give it an appropriate name. You can create additional accounts in the Chart of Accounts screen later for any second and subsequent bank accounts.
- Accounts receivable code and Accounts receivable name: This account is used to track your debtors (those who owe your business money). The aggregate of these amounts owing is the balance of this account. Uwazi also tracks individual customer amounts owing through customer records in the database.
- Prepayments code and Prepayment name: Prepayments are amounts paid in advance for goods and services (e.g. paying an annual insurance premium). Accounting rules might prevent you from classifying these spend amounts entirely as expenses up front. Instead, you may be able to recognize an expense in part, with the balance treated as a prepayment. Over time, the rest of the amount will be recognized as an expense from a prepayment account.
Account codes and names can be changed later through Uwazi’s Chart of Accounts screens.