Account Types

Introduction

All account groups and accounts are nested within the ‘Balance’ group. Therefore the ‘Balance’ 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. an ‘Assets Group’ can contain another ‘Assets Group’ to any depth.

The architecture behind this system is to allow maximum flexibility at the simplest possible level. The accounts structure can be as complex or as simple as required and it all starts with the ‘Balance’ group:

The ‘Balance’ Group can contain:

• Net Worth Groups
• Revenue Groups
• Retained Earnings Accounts

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 Assets, but as stated, this can be renamed if required). It contains a number of sub-groups to differentiate between the different asset accounts.

Net Worth Group

Net Worth Group can contain:

• Net Worth Groups
• Assets Groups
• Loans Groups
• Control Accounts

Assets Group can contain:

• Assets Groups
• Asset Accounts
• Bank Accounts
• Cash Accounts
• Deposit Accounts

Loans Group can contain:

• Loans Groups
• Liability Accounts
• Credit Card Accounts
• Loan Accounts

Revenue Group

Revenue Group can contain:

• Revenue Groups
• Income Groups
• Expenses Groups
• Income Accounts
• Expense Accounts

Income Group can contain:

• Income Groups
• Income Accounts

Expense Group can contain:

• Expense Groups
• Expense Accounts