Account Type

A chart of accounts is a list of all the accounts (categories) that is used to gather and record accounting data for an entity. Usually gathered together in to groups that represent types of accounting data. When an account is added the group to which it belongs is determined by selecting an account type.

Groups and selectable account types included in the Balance Sheet: -

Bank and Credit Card Accounts
Current Assets - Bank Account
Fixed Asset Accounts (machinery, equipment, Intellectual property)
Fixed Assets - Intangibles
Fixed Assets - Long Term Assets
Fixed Assets - Tangibles
Current Asset Accounts (Stocks, Customer Accounts)
Customer
Current Assets - Debtors
Current Assets - Others
Current Assets - Short Term Investment
Current Assets - Stock
Liability Accounts (Supplier Accounts, Payroll & Tax Liabilities, Provisions, Borrowings)
Supplier
Liability - Credit Card
Liability - Current
Liability - Long Term
Liability - Long Term Loans
Liability - Short Term Loans
Provisions
Shareholders Equity, LLP Member, Sole Traders Capital Accounts or Fund Accounts
Shareholders Funds (in a Ltd Company)
Members Debts (in a LL Partnership
Members Loans (in a LL Partnership
Members Other Interests (in a LL Partnership
Capital (in a Sole Trader)
Funds (in a Charity)

Groups included in a Profit and Loss Statement or SOFA (Statement of Financial Activities)

Income Accounts (Sales and other Income)
Income UK
Income Non UK
Income Other
Expenses Accounts
Expense
Expenses Other