Account Types (Maintain Chart of Accounts)

How Do I...

Account types define how the account will be grouped in reports and financial statements. They also control what happens during fiscal year-end.

General Ledger accounts are assigned types on the General tab of the Maintain Chart of Accounts window. Choose one of the following account types from the drop-down list:

Accounts Payable	Expenses
Accounts Receivable	Fixed Assets
Accumulated Depreciation	Income
Cash	Inventory
Cost of Sales	Long term liabilities
Equity - doesn't close (Corporation)	Other assets
Equity - gets closed (Proprietorship)	Other current assets
Equity - Retained Earnings	Other current liabilities
Payables Retainage	Receivables Retainage

Warning! Although Sage 50 will allow you to change the Account Type of an existing account with balances and transactions on which it is applied, we HIGHLY recommend that you do not change it. This WILL change your financial statements!

What do you want to do next?

Set up a chart of accounts for the first time
Add an account to an established chart of accounts
Enter G/L beginning balances
Perform other Sage 50 General Ledger procedures
Change your company's basic information
Perform other company tasks
Design financial statements
Read the chart of accounts overview
Read the getting started overview
Read an overview of Retainage