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Each account must be assigned an account type before it can be used to track your business’s financial activity. You can choose from 12 different account types:

• Banking, Current Assets, Fixed Assets (asset accounts)
• Credit Card, Current Liabilities, Long Term Liabilities (liability accounts)
• Equity (equity account)
• Income, Other Income (income accounts)
• Cost of Sales, Expense, Other Expense (expense accounts)

Each account type serves a specific purpose. If you’re unsure about which type you should assign to a new account, ask your accounting advisor.

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The accounts you use for your business are grouped in an accounts list (also known as a chart of accounts). When you registered and set up LiveAccountsMYOB Essentials, an accounts list was selected for you based on the business type you specified. You also reviewed this accounts list during setup.

If any of the existing accounts that came with LiveAccounts MYOB Essentials don’t meet your business needs, you can edit them so that they do. You can also make an existing account inactive, add a new account, and in certain circumstances, delete an account.

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