Account Types
Account types are used to organize your accounts and to show their relationships to one another within a group. Each account type has a specific function and position in an account group.
The account types are:
(A) Subgroup
Stores amounts processed in the transaction windows. Balances are shown in the left column of the financial statement. Used for accounts whose balances will be subtotalled, rather than included directly in the group total. Subgroup accounts must be followed by a Group Total account before the next Group Heading.
(G)
Group
Stores amounts processed in the transaction windows. Balances are shown in the right (total) column of the financial statement. Used for amounts included directly in the Group Total.
(S) Subgroup
Total
Contains the subtotal of all the consecutive subgroup accounts above it. The program displays the amount in the right column of the financial statement. Must follow a Subgroup account. The balance is included in the Group Total.
(T) Group
Total
Gives the sum of all group and subgroup totals above it, up to the previous Group Heading. The program displays the amount in the right column of the financial statement. You cannot process transactions to this account.
When you view or print a financial statement, the following account types are also displayed:
Section Heading
Divides the financial statement into sections (Assets, Liabilities, Equity, Revenue, and Expense). The program assigns the section name; you cannot change it. Accounts within a section are further classified into groups.
Section Total
Gives the sum of all accounts within the same section of the financial statement. (It includes all the group totals.) You cannot change the section name; the program assigns it.
Current Earnings
Shows the difference between revenue and expense account totals. The program calculates the balance every time you make an entry that affects a revenue or expense account, and displays it in the Equity section of the balance sheet. You cannot process transactions to this account.