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