Equity Account Classes
The equity account group refers to the net worth of a business to its owner.
Each account
group in Sage 50 Accounting can be further divided into account classes.
Table showing the account classes in the equity account group
| Account Class | Description |
|---|---|
| Equity | The net worth of a business to its owner. This class encompasses all equity classes and can represent any type of equity. |
| Cash | Can be used to classify equity, but we do not recommend you use it as an equity. |
| Bank | Can be used to classify equity, but we do not recommend you use it as an equity. |
| Credit Card Payable | Can be used to classify equity, but we do not recommend you use it as an equity. |
| Owner/Partner Contributions | Amounts contributed to the company by an owner or partner. |
| Owner/Partner Withdrawals | Withdrawals of cash from the company by an owner or partner. |
| Share Capital | Amount contributed to the company through the sale of stock. |
| Dividends | Amounts distributed to shareholders. This class is similar to Owner/Partner Withdrawals. |
| Retained Earnings | Accumulated total net income (less owner/partner withdrawals). |
| Current Earnings | Net difference between the revenues and the expenses. You can only have one Current Earnings account. You cannot process transaction entries directly to this account. |