Each major category is divided into a number of more focused categories. EasyBooks uses these to correctly categorise your accounts when shown in the reports.
Bank accounts- Used for cash based bank accounts (current accounts and deposit/savings accounts).
Petty cash accounts- Records amounts held as cash, or models personal expenses made on behalf of your business.
Credit card accounts- Used for credit cards.
Direct expenses- Used to record the direct cost of a sale.
Indirect expenses- Used to record overheads such as insurance, maintenance and advertising.
Employee costs- Wages paid to employees. These do not count as purchases in the normal sense and do not appear on the VAT return.
Income from sales- Used to track income from your sales, whether you sell physical goods or your time.
Income from investments- Used to track income you receive from your investments.
Income on disposal of assets- When you sell a fixed asset, recording the sale income here allows you to track it easily.
Other income- Any other sources of income.
Income and expense adjustments- Adjustments can be used between income and expense accounts. You may need to do this if your business reports revenue a certain way. For example, if you charge clients for your time and expenses you may decide to remove the repayment of expenses from your revenue figure.
Customer- Used to keep track of money owed by your customers. You can use EasyBooks to prepare your invoices in PDF format to send to your customers. You can also use theCustomer Aged Debt reportto monitor the level of outstanding debt.
Supplier- Used to keep track of money you owe to your suppliers.
Fixed asset- Long term assets appear on your balance sheet in their own section.
Debtor- Used to keep track of money owed to you.
Other assets and liabilities- Current (short term) assets such as stock.
Investments- Amounts invested in bonds, stocks and so on.
Prepayment- Represents an account where you prepay for goods or services. If you cancel the service you may receive an amount back.
Inter-business- Records an asset in this business.
Long-term liabilities- Long-term liabilities are used to track any long term loans you are paying (for example, an outstanding mortgage).
Creditor- Used to keep track of money you owe to others.
Accrual- Used to keep track of liabilities that have occurred but which have not been paid yet.
Net worth / Capital- Represents the "book value" of your business. This is equal to the sum of all assets minus all liabilities.
Tax rate on sale- Used to record sales VAT. You should not normally need to create an account in this category.
Tax rate on purchase- Used to record purchase VAT. You should not normally need to create an account in this category.
Discount tax rate on sale- This category is no longer used in EasyBooks.
Discount tax rate on purchase- This category is no longer used in EasyBooks.
Tax credit- You should not normally need to create an account in this category.
Unknown- Unknown account category. You should not normally need to create an account in this category.