Defining account categories (AC/BR/GM)

Account categories are required in activity transactions. Account categories break down costs and revenues in activities. After you define account categories, you can assign them to an account category structure, and to specific activity groups or activities. Use this procedure to define a library of all of the account categories you will use in Project Accounting.

To make data entry more efficient, use numeric account category names.

  1. Access Account Categories (AC05.1).
  2. On the Main tab, define the account category. Use these guidelines to specify the field values:
    Account Category

    Specify a name to identify the account category. Account category names can contain up to five alphanumeric characters.

    Description

    Specify a description for the account category.

    Type

    Select Revenue, Cost, Accrual, or Pass Thru to identify the type of transactions that will be collected in the account category. You cannot change the account category type after you have defined the account category.

    The Pass Thru type is used with the Lawson Billing and Revenue Management application.

  3. Define an Error Suspense account category on the Error Suspense tab. Use these guidelines to specify the field values:
    Account Category

    Specify the name of the error suspense account category. This account category is used during data entry when the activity group's GL Acct Assignment field is set to Yes-substitute error suspense. If you process transactions that contain invalid combinations of General Ledger and Project Accounting information, then the account category in the transaction will change to the Error Suspense account category.

    Note: You must define an Error Suspense account category regardless of how the activity group's GL Acct Assignment option is set.
    Description

    Specify a description for the error suspense account category.

    Note: Name the error suspense account category ERROR to avoid users from unintentionally keying activity transactions to Error Suspense.