Above is an example of the main Chart of Accounts screen. Notice how the Accounts are allocated to different numbering systems. These are the ‘header’ accounts. All detail accounts sit under those numbers and are completely editable as you can create your own detail accounts.
Header Accounts:
- 1-0000 = Assets
- 2-0000 = Liabilities
- 3-0000 = Equity
- 4-0000 = Income
- 5-0000 = Expenses
Detail Account examples:
- 1-1000 = Current Assets
- 1-2000 = Non-Current Assets
Please note: Bank Accounts are a special type of Detail account as they can be used in specific cases and can also be reconciled.