What is an account type?

Other GL Account

There are five account types: Asset, Equity, Expenditure, Liability, and Revenue. There are five account types: Asset, Equity, Expenditure, Liability, and Revenue.

Asset: An asset account records economic resources that are owned or controlled by an organization.

Equity: An equity account reports the residual claim or interest that remains after liabilities are paid.

Expenditure: An expenditure account records the disbursement of income.

Liability: A liability account reports obligations that represent amounts owed to creditors, governments, employees, and other parties.

Revenue: A revenue account records increases in a company's resources from the sale of goods and services.

Which account type is this account?

Asset account. Use the Account Type field to select Asset.
Equity account. Use the Account Type field to select Equity.
Expenditure account. Use the Account Type field to select Expenditure.
Liability account. Use the Account Type field to select Liability.
Revenue account. Use the Account Type field to select Revenue.