Every account in the MYOB BusinessBasics system must be assigned a type before it can be used to track your company's fiscal activity. You can choose from six different account types: Asset, Liability, Equity, Income, Cost of Sales and Expense. Each type serves a specific purpose.
If you're unsure about which type you should assign to a new account, you probably should consult your accountant, or an MYOB Certified Consultant. For more information about the BusinessBasics Certified Consultant program see http://www.myob.com/us/service/consultants.
Step by step
Choose the type of account you want
There are four different account levels to choose from in MYOB BusinessBasics: