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About the Debit and Credit Account Types

When adding a new General Ledger (GL) Account to Aptify, you need to specify the account's Type: Debit or Credit. In general, asset accounts should be set up with the Debit Type since most asset accounts have debit balances.

Likewise, liability accounts should be set up with the Credit Type. Increases to an organization's liability accounts are tracked by credit entries and decreases in these accounts are recorded by debit entries. Contrary to the assets accounts, liability accounts typically have credit balances.

The use of debits and credits can be summarized as follows:

Asset Accounts

Liability Accounts

Increases are recorded by debits

Increases are recorded by credits

Decreases are recorded by credits

Decreases are recorded by debits

When implementing Aptify for the first time, it is important to determine the full structure of GL accounts required by the organization. All relevant accounts should be created within Aptify and associated with the appropriate product categories, products, and payment types.

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