When categorizing transactions, account types allow your firm to put these transactions in a corresponding account based on what type of transaction took place. These accounts will be created during your initial onboarding process when you set up your chart of accounts. You'll be able to follow our setup wizard or import your chart of accounts as your first step when using MyCase Accounting. To learn more about chart of accounts and importing them, click here.
There are five account types available to your firm within MyCase:
Assets (Cash, Accounts Receivable, Land, Equipment)
Expenses (Salaries Expense, Rent Expense, Depreciation Expense)
Liabilities (Loans Payable, Accounts Payable, Bonds Payable)
Equity (Common Stock, Retained Earnings)
Revenue (Sales, Service Fees)
Within each of these account types, firms can also categorize these accounts as current or non-current (except for equity accounts).
It's important that the individual(s) at your law firm understand how debits and credits will affect these different account types. If you are not familiar with which specific account types your firm needs, please contact a legal accounting professional.