Steps
- Open the tab. In the sidebar, open Payment Accounts, click List Accounts and select the Account Types tab.
- Add a main type. Click Add, type a Name such as Bank or Cash, leave Parent account type empty and save.
- Add a sub type. Click Add again, type a Name such as Chequing, choose Bank as the Parent account type and save. Sub types are listed under their parent with --.
- Assign it to an account. On the Accounts tab, click Edit on an account and pick the type in Account Type. Sub types are listed under each parent.
- Check the list. The Accounts tab now shows Account Type and Account Sub Type for each account.
- Edit or delete. Use Edit or Delete on the Account Types tab to rename or remove a type.
Keeping it simple
Most small businesses need two or three types: Cash for tills and the safe, Bank for chequing and savings, and perhaps Card for money waiting to settle from the card processor. Types are labels for grouping and sorting; they don't change how balances are worked out.
Frequently asked questions
Do account types affect the balance sheet?
Account balances appear on the Balance Sheet and Trial Balance as Account Balances whatever their type. Types and sub types help you organise and find accounts in List Accounts and the account book header.
Can an account type have more than one level of sub type?
Each type can have a parent, giving one level of sub types under a main type, such as Bank > Chequing. Keep deeper detail in the account names.