What is Account Classification in MYOB Accounting Programs
*** This FAQ Applies to AccountEdge, AccountEdge Network Edition and Premier Accounting ***


Every account in the accounting system must be assigned a classification before it can be used to track your company's fiscal activity.

You can choose from eight different account classifications:

  • Asset
  • Liability
  • Income
  • Expense
  • Equity
  • Cost of Sales
  • Other Income
  • Other Expense



Each classification serves a specific purpose.

If you are not sure which classification you should assign to a new account, consult your accountant or an MYOB Certified Consultant. For more information about Certified Consultants, visit:

http://www.accountedge.com/locator/

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