Setup Accounting Config

First step in the process is to setup the very basic accounting. There are four types of accounts

1. ASSET - Debit type

2. EXPENSE - Debit type

3. INCOME - Credit type

4. LIABILITY - Credit type

We need to set this up in a config dict which will be later used to pass the journal entries or anything else for that matter.

config = {
  'account_types': {
    'ASSET': {
      'balance_type': 'DEBIT'
    },
    'EXPENSE': {
      'balance_type': 'DEBIT'
    },
    'LIABILITY': {
      'balance_type': 'CREDIT'
    },
    'INCOME': {
      'balance_type': 'CREDIT'
    }
  }
}

We will be carrying forward this config in the next section