Every account in the MYOB AccountEdge system must be assigned a classification before it can be used to track your company's fiscal activity. You can choose from eight different account classifications: Asset, Liability, Income, Expense, Equity, Cost of Sales, Other Income and Other Expense. Each classification serves a specific purpose.
If you're unsure about which classification you should assign to a new account, you probably should consult your accountant, or an MYOB Certified Consultant. For more information about the AccountEdge Certified Consultant program, see www.myob.com/us/service/consultants.
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