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MYOB Account classification & types

There are 6 main account classifications in MYOB.

  1. Assets
  2. Liabilities
  3. Equity
  4. Income
  5. Cost of Sales
  6. Expenses

There are another 2 classifications, Other Income and Other Expenses, but generally, the above 6 are the main ones used.

Within these classifications, you can further select account types as follows:

Account classificationAccount type
Accounts Receivable
Other Current Asset
Fixed Asset
Other Asset
LiabilityCredit Card
Accounts Payable
Other Current Liability
Long Term Liability
Other Liability
Cost of salesCost of sales

Depending on whether you select header or detail, the options for Account Type will be different.

This can be quite confusing if you do not have an accounting background, but that’s okay.

In most cases, when designing your chart of accounts, the rule of thumb is:

  1. Organise them into the 6 main classifications
  2. Within those classifications just use one of the following:
    • Bank
    • Accounts Receivable
    • Other Current Asset
    • Fixed Asset
    • Accounts Payable
    • Other Current Liability
    • Equity
    • Income
    • Cost of Sales
    • Expense

The other classifications or types are for more detailed analysis of your accounts, so if you do not use them, it’s fine.

Do note that for bank accounts, you must select the “Bank” account type.

If you do not select “Bank”, the account will not appear for selection in the payment or receipts windows.

Where to start?

If you have no idea on where to start, the best thing to do is use your audited accounts as a template.

That would have all the necessary headers and details to help you design your chart of accounts.

More on Accounts List

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