Fields in the Accounts List window

Fields
Accounts List window

Asset tab
Asset accounts track things a business owns, such as the money in a checking account, computers and office buildings. Money owed to a business is also considered an asset.

Current assets can be converted into cash within a relatively short period of time (usually less than a year). Current assets include cash itself.

Fixed assets usually take more than a year to convert into cash. An office building can be considered a fixed asset.

Asset accounts are assigned the prefix 1 in AccountEdge, and normally have a debit balance.

Liability tab
Liability accounts track things a business owes, such as a working capital loan. Money owed by a business for purchases is also considered a liability.

Current liabilities are due within a relatively short period of time (usually less than a year).

Long-term liabilities usually aren't due for more than a year.

Liability accounts are assigned the prefix 2 in AccountEdge, and normally have a credit balance.

Equity tab
Equity accounts track a company's net worth. A company's equity, also known as "owners' equity" or "capital," is calculated by subtracting its liabilities from its assets. Some common equity accounts are current year earnings, retained earnings and shareholders' equity.

Equity accounts are assigned the prefix 3 in AccountEdge, and normally have a credit balance.

Income tab
Income accounts, also known as "revenue accounts," track the increase in equity from the sale of items or services.

Income accounts are assigned the prefix 4 in AccountEdge, and normally have a credit balance.

Cost of Sales tab
Cost of sales accounts track the amount paid to sell an item or service. The amounts tracked by cost of sales accounts are sometimes referred to as "cost of goods sold" amounts.

Cost of sales amounts are subtracted from income amounts to determine gross profit.

Cost of sales accounts are assigned the prefix 5 in AccountEdge, and normally have a debit balance.

Expense tab
Expense accounts track the cost incurred when a business attempts to create income.

Expense accounts are assigned the prefix 6 in AccountEdge, and normally have a debit balance.

Other Income tab
Other income accounts track the income that isn't directly related to a company's operations, such as interest income.

Other income accounts are assigned the prefix 8 in AccountEdge, and normally have a credit balance.

Other Expense tab
Other expense accounts track the expenses that aren't directly related to a company's operations, such as loan interest and fines.

Other expense accounts are assigned the prefix 9 in AccountEdge, and normally have a debit balance.

Account Name column
This column displays the accounts in the category you selected at the top of the window. If you want to view more detail about a specific account, click the zoom arrow next to the account's name.

Type column
This column displays the type of each account in the list. The four types of accounts are described below. These types are assigned to accounts in the Edit Accounts window.

Header: Header accounts are used as titles of groups of accounts.

Header accounts are used only for grouping accounts of a similar purpose. Typically, header accounts have detail accounts "under" them; that is, detail accounts are assigned to specific header accounts. In the list in the left side of the Accounts List window, header accounts appear in bold type, and their detail accounts appear below them in plain type at the next level.

Transaction amounts can't be assigned (posted) to header accounts -- only to detail accounts.

Header accounts aren't required in AccountEdge, except for the eight Level 1 accounts (asset, liability, income, expense, equity, cost of sales, other income and other expense). Header accounts you create must be either Level 2 or Level 3.

Detail: Detail accounts are the AccountEdge accounts that have transactions assigned to them.

Each detail account is assigned to the header account that appears directly above it in the list on the left side of the Accounts List window. Detail accounts appear in plain type, and header accounts appear in bold type.

Transaction amounts can be assigned (posted) to detail accounts; that is, when you enter a transaction in MYOB AccountEdge, you can enter the number of a detail account. The amount of the transaction will then be included in the balance of the detail account.

Detail accounts can be Level 2, Level 3 or Level 4.

Note: The equity account called Current Year Earnings is a detail account, but it can't have transactions assigned to it. This account, used by MYOB AccountEdge to record your company's profit or loss, uses your year-to-date profit or loss as its current balance.

Detail Checking: Detail checking accounts are the AccountEdge accounts whose funds you can use when you write checks.

Accounts with checking privileges appear in lists in transaction windows throughout the AccountEdge system. Each time you write a check in AccountEdge, you can select the checking account you want to use.

Each detail checking account is assigned to the header account that appears directly above it in the list on the left side of the Accounts List window. Detail checking accounts appear in plain type, and header accounts appear in bold type.

Detail checking accounts can be Level 2, Level 3 or Level 4.

Only asset or liability accounts can be detail checking accounts.

Detail Credit Card: Detail credit card accounts are liability accounts that can be used to track the purchases and payments you make with your company credit cards.

Accounts with credit card privileges appear in lists in transaction windows throughout the AccountEdge system.

Each detail credit card account is assigned to the header account that appears directly above it in the list on the left side of the Accounts List window. Detail credit card accounts appear in plain type, and header accounts appear in bold type.

Detail credit card accounts can be Level 2, Level 3 or Level 4.

This selection is available only if your are creating a liability account.

Linked column
This column displays a mark next to each account in the list that's linked -- in other words, those accounts that are automatically affected when a particular type of transaction is entered in AccountEdge. For example, one asset account is linked to all sales that result in money owed to you; each time you enter a sale that's not fully paid at the time of the sale, the amount you're owed will automatically be added to this account's balance.

To view the types of transactions an account is linked to, click the zoom arrow next to the account's name in the Account Name column. In the Edit Accounts window, the Linked Account for field describes what the account is linked to.

Balance column
This column displays the current balance of each account. For header accounts, the column displays the sum of all the detail accounts assigned to the header accounts.

For asset, liability or equity accounts, the amount shown here is the value of the account. For income, expense, cost of sales, other income or other expense accounts, the amount shown here is the total of all activity with the account since the beginning of the current fiscal year.

Note: If you're viewing the equity account named Current Year Earnings, the current balance displayed is your company's year-to-date profit or loss amount.

Up button
Click this button to move the selected account up one level.

You can assign Level 2, Level 3 or Level 4 to detail accounts. Header accounts can be assigned either Level 2 or Level 3.

Level 1 is permanently assigned to each of the eight account classifications in AccountEdge, and can't be assigned to any other account.

Down button
Click this button to move the selected account down one level.

You can assign Level 2, Level 3 or Level 4 to detail accounts. Header accounts can be assigned either Level 2 or Level 3.

Level 1 is permanently assigned to each of the eight account classifications in AccountEdge, and can't be assigned to any other account.

Depending upon the account that's currently displayed, you can change the level of an account. For example, if the account is a Level 3 section header account with detail accounts under it, you won't be able to change its level. Similarly, if the account is a Level 3 detail account with a Level 2 section header account above it, you won't be able to change its level to Level 4.

History button
Click this button to open the Account Historical Balances window.

Print button
Click this button to print the Accounts List [Summary] report.

New button
Click this button to open the Edit Accounts window window.

Edit button
Click this button after highlighting an account in the list to open the Edit Accounts window, which allows you to make changes to the account you highlighted.

Close button
Click this button to close this window.