Account Types

Introduction

All account groups and accounts are nested within the Chart of Accounts group. Therefore the Chart of Accounts is the base or root group for everything else.

The following is a list of all the major groups, accounts, and what each can contain (using bullet points for quick reference).

A group can contain groups and accounts. Generally a group can also contain a group of the same type as itself. Eg. a Current Assets Group and contain Current Assets Groups to any depth.

The architecture behind this system is to allow maximum flexibility at the simplest possible level. A chart of accounts can be as complex or as simple as required and it all starts with the Chart of Accounts:

Chart of Accounts Group can contain:

  • Asset Groups
  • Liability Groups
  • Equity Groups

It is important to know that these are just the labels used for the group types. For example, two or more groups of type Asset Group could be opened and given any name.

In the default setup, there is only one Asset Group (called Asset Group, but as stated, this can be renamed if required). It contains a number of sub-groups to differentiate between the asset accounts within the business.

Assets

Asset Group can contain:

  • Current Assets Group
  • Fixed Assets Group
  • Intangible Assets Group
  • Other Assets Group

Current Assets Group can contain:

  • Current Assets Group
  • Inventory Group
  • Debtors Account Group
  • Asset Account
  • Bank Account
  • Cash Account
  • Deposit Account
  • Debtors Account
  • Inventory Account
  • Raw Materials Account
  • Work in Progress Account
  • General Account
  • Suspense Account

Inventory Group can contain:

  • Inventory Account
  • Raw Materials Account
  • Work in Progress Account

Debtors Account Group can contain:

  • Debtors Account

Fixed Assets Group can contain:

  • Fixed Assets Group
  • Motor Pool Group
  • Asset Account
  • Fixtures and Fittings Account
  • Equipment and Tools Account
  • Buildings Account
  • Accumulated Depreciation Account
  • General Account
  • Suspense Account

Motor Pool Group can contain:

  • Motor Pool Group
  • Vehicle Account
  • Accumulated Depreciation Account

Intangible Assets Group can contain:

  • Other Assets Group
  • Asset Account
  • General Account
  • Goodwill Account
  • Suspense Account

Other Assets Group can contain:

  • Other Assets Group
  • Asset Account
  • General Account
  • Suspense Account

Liabilities

Liability Group can contain:

  • Liability Group
  • Current Liabilities Group
  • Long Term Liabilities Group
  • Other Liabilities Group

Current Liabilities Group can contain:

  • Current Liabilities Group
  • Creditors Group
  • Liability Account
  • Credit Card Account
  • Creditors Account
  • VAT Control Account
  • General Account
  • Suspense Account
  • Client Fee Liability Account

Creditors Group can contain:

  • Creditors Account

Long Term Liabilities Group can contain:

  • Long Term Liabilities Group
  • Long Term Loan Account
  • Liability Account
  • General Account
  • Suspense Account

Other Liabilities Group can contain:

  • Other Liabilities Group
  • Liability Account
  • General Account
  • Suspense Account

Equity

Equity Group can contain:

  • Equity Group
  • Profit and Loss Group
  • Shareholders Group
  • Partners Group
  • Retained Earnings Group
  • Appropriation Accounts Group
  • Other Group
  • Retained Earnings Account
  • Drawings Account
  • Capital Account

Profit and Loss Group can contain:

  • Profit and Loss Group
  • Sales Group
  • Revenue Group
  • Expense Group
  • Depreciation Group
  • Amortization Group
  • Tax Group
  • Sales Account
  • Other Income Account
  • Expense Account
  • Deprecation Account
  • Amortization Account
  • Tax Account

Sales Group can contain:

  • Sales Group
  • Cost of Sales Group
  • Sales Account
  • Interest Expense Account
  • General Account

Cost of Sales Group can contain:

  • Cost of Sales Group
  • Cost of Goods Sold Account
  • Construction Industry and Sub-contractor Costs Accounting
  • Inventory Adjustment Account
  • Revenue Group can contain:
  • Revenue/Income Account
  • Interest Expense Account

Expense Group can contain:

  • Expense Group
  • Employees Group
  • Expense Account
  • Premises Costs Account
  • Repairs Account
  • General Administrative Expense Account
  • Motor Expense Account
  • Travel and Subsistence Account
  • Advertising, Promotion and Entertainment Account
  • Legal and Professional Costs Account
  • Bad Debts Account
  • Interest Expense Account
  • Other Finance Charges Account
  • Other Expenses Account

Employees Group can contain:

  • Employees Group
  • Employee Wages Account
  • Employee TAX/NIC Account

Depreciation Group can contain:

  • Deprecation Group
  • Deprecation Account

Amortization Group can contain:

  • Amortization Group
  • Amortization Account

Tax Group can contain:

  • Tax Group
  • Tax Account

Shareholders Group can contain:

  • Shareholders Group
  • Shareholder Account
  • Shareholder Loan Account

Partners Group can contain:

  • Partners Group
  • Partner Account
  • Partner Loan Account
  • Drawings Account

Retained Earnings Group can contain:

  • Retained Earnings Account

Appropriation Accounts Group can contain:

  • Reserve Account

Other Group can contain:

  • Other Group
  • General Account
  • Suspense Account