Types definition

Transaction types

Type is defined for the accounting and bookkeeping system to recognize the transactions to be posted to the respective financial reports.

There are 2 main categories of reports, profit & loss (P&L), and Goods & Services Tax Returns (GSTR).

Under P&L, it is further divided to Sales profits (SP), Cost of Goods Sold (COGS) and Expenses (EXPS) .

For the GSTR, it requires the transactions to be divided to Tax allowed (TA), Tax zeroed (TZ), Tax disallowed (TDA), and No tax (NT).

	P&L category This category is based on the Profit & Loss statement. Under the report, they are Sales profit, Cost of Goods Sold, and Expenses.
	Goods & Services Tax Returns category This category is based on the Tax Returns filled for Tax to be paid or claimed. Under the returns, only taxable purchases and expenses are accepted.
	Balance Sheet category This category is based on the Balance Sheet accounting equation ( Assets = Liabilities + Equity). Ongoing development