Non-Ledger

Non-ledger accounts are typically used as placeholders in your chart of accounts. You cannot post to a non-ledger account. For example, if all your asset accounts fall in the numeric range of 1001 to 1999, you might create account 1000, use Assets as the account description, and specify it as a non-ledger account. The result is that when you view the GL Account Lookup window, you will see account 1000 Assets as the first account in the section of the chart of accounts in which your assets fall, making it easier to find the account you are looking for.

Asset

Assets are the economic resources owned by the business for the purpose of conducting business operations. Any asset account tracks these possessions. If an organization owns a company car, they could record its value in an asset account such as Company Vehicles.

Contra-Asset

Contra accounts decrease the value of other accounts. A common use of a contra-asset account is to show accumulated depreciation of the asset. Contra accounts are also sometimes used for uncertain accounts such as a settlement that hasn’t been collected yet.

Liability

Anything you owe or is a claim against your assets is a liability. This can be current pending but unpaid bills or it could be a mortgage or car loan.

Contra-Liability

A contra-liability account lessens a liability because it has a debit balance that offsets the credit balance of the corresponding liability.

Net Assets (Fund product only)

Net assets are the total of the amounts by which the assets of the organization exceed the liabilities.

Equity (Accounting product only)

Equity is the amount by which the assets of the business exceed the liabilities.

Contra-Net Assets (Fund product only)

Contra accounts decrease the value of other accounts. Contra-net assets accounts offset or decrease net assets accounts.

Contra-Equity (Accounting product only)

Contra accounts decrease the value of other accounts. Contra-equity accounts offset or decrease equity accounts.

Income (Operating Credit) (Accounting product only)

Income is revenue resulting from the operations of a business.

Income Adjustment (Accounting product only)

When you need to adjust (reverse) an entry that you made to an income account. For example, an income item that was initially entered and posted erroneously or incorrectly.

Expense (Operating Debit)

The cost of goods or services used for the purposes of generating revenue.

Expense Adjustment

When an expense entry is posted in error or incorrectly and you need to adjust (reverse) the entry.

Revenue (Operating Credit) (Fund product only)

Income that a business receives from its business operations.

Revenue Adjustment (Fund product only)

When you need to adjust (reverse) an entry that you made to a revenue account. For example, a revenue item that was initially entered and posted in error.