Account Groups and Class Options

Account Groups

The chart of accounts lists your company's accounts, in five distinct groups; each account is automatically assigned to a group. The account group identifies each account's function and groups it with similar accounts:

• 1000-1999 Asset (what you own)
• 2000-2999 Liability (what you owe)
• 3000-3999 Equity (what you own minus what you owe)
• 4000-4999 Revenue (what you've earned)
• 5000-5999 Expense (what you've purchased)

Within a group of accounts, each account is assigned an account type, which is used to organize your accounts and to show their relationships to one another within a group.

Displaying Account Groups on your Financial Statements

If you want to modify how accounts appear on your Balance Sheet or Income Statement you may need to modify an account group. To specify an account's group, you can either use the Modify Accounts wizard or edit the account record manually (click the Class Options tab).

If you want to match accounts with an existing account structure, or need to increase the number of accounts available, Sage 50 Accounting also allows you to expand the number range of your account groups. (Sage 50 Premium Accounting)

Account Class Options

For each account group you choose for an account, you assign a class option to further specify the type of information you plan to track in the account (when you add an account you must choose its class). Assigning account class options for asset accounts is particularly useful because you can differentiate between cash, bank, and more general asset accounts. You can then store banking and credit card information with the account, such as your account number or the bank's web address.

The class options available depend on the type of account: Asset, Liability, Equity, Revenue, Expense