Account Types

The standard chart of accounts that comes with Vantagepoint includes a set of predefined general ledger accounts that are grouped together by account type.

You can use the standard chart of accounts or modify it to meet your firm's needs.

When you add a general ledger account in Settings > General Ledger > Chart of Accounts, you select an account type for it. Account type is used for organizational purposes on the account reports.

All the account types are described in the following table:

Account Type	Description
Assets	Assets are the things of value owned by your firm. Asset accounts include checking and savings, accounts receivable, and fixed assets.
Liabilities	Liabilities are amounts owed by your firm. These accounts include accounts payable, salaries payable, and income taxes payable.
Net Worth	Net worth (owner's equity) is the total value of your ownership rights to your firm's assets after deducting your firm's total liabilities. Net worth accounts include capital, retained earnings, and current year's profit and loss.
Revenue	Revenue is the flow of money into your firm from sales. Revenue accounts include billed and unbilled fees, reimbursable consultant revenue, and reimbursable expense revenue.
Reimbursable Expenses	Reimbursable expenses are project-related costs incurred by your firm that will be paid by your clients. Reimbursable expenses are associated with revenue producing projects. Reimbursable expense accounts include consultant expense, travel expense, and reproduction expense.
Reimbursable Consultant	Reimbursable consultant expenses are consultant costs that are incurred by your firm for revenue producing projects that are paid by your clients.
Direct	Direct expenses are costs that are incurred by your firm for revenue producing projects that are not paid by your clients. These expenses may be part of negotiated fees or beyond the scope of the contract. Direct expense accounts include direct labor and travel expense.
Direct Consultant	Direct consultant expenses are consultant costs incurred by your firm for revenue producing projects that are not paid by your clients. These expenses may be part of negotiated fees or beyond the scope of the contract.
Indirect	Indirect expenses are overhead costs that are incurred by your firm for overhead or promotional projects. Indirect expense accounts include indirect labor, employee benefits, and rent.
Other Charges	Other charges are "below the line" revenue and expense, such as rental income. You can use these accounts with any project charge type (Regular, Overhead, or Promotional). Because Other Charges accounts are for below-the-line, miscellaneous revenue and expenses, these accounts: Are not used by Overhead Allocation or Revenue Generation. Do not appear in Project Reporting. Are not included in the File Reconciliation report.