Account types

You can choose from sixteen different account types in MYOB AccountEdge. Each type serves a specific purpose. If you're not sure which type you should assign to a new account, consult your accountant or an MYOB Certified Consultant. For more information about the AccountEdge Certified Consultant application, visit www.myob.com/us/service/consultants.

• For header accounts, there are only eight choices; the account types are identical in name to the eight account classifications.
  
  Asset
  Liability
  Income
  Expense
  Equity
  Cost of Sales
  Other Income
  Other Expense

• For detail accounts, there are multiple account types for the asset and liability classifications.
  
  Asset Account Types:
  Bank
  Accounts Receivable
  Other Current Asset
  Fixed Asset
  Other Asset
  Liability Account Types:
  Credit Card
  Accounts Payable
  Other Current Liability
  Long Term Liability
  Other Liability

For the other six classifications, there is one account type apiece, each named the same as the classification.

Income
Expense
Equity
Cost of Sales
Other Income
Other Expense

If you're viewing an existing account's information, the account's type appears here. If the account is a detail asset or liability account, all the account types for its classification appear in a list. You can change the type to another in the list

If you're creating a new account, all eight header account types or sixteen detail account types appear in a list. When you select the account type, the classification that corresponds to the selected type appears in the Account Classification field.

Additional information about Bank and Credit Card accounts

Bank: Detail bank accounts appear in transaction windows throughout the MYOB AccountEdge system. Each time you spend money in AccountEdge, you can select the bank account you want to use.

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

Step by step

• To add an account