QuickBooks supports 16 total general ledger account types in its Chart of Accounts. Each account is assigned a single account type, which can be changed, subject to certain restrictions.
5 Income/Expense Account Types for the Profit & Loss (P & L) Statement
- Cost of Goods Sold
- Other Income
- Other Expense
11 Asset/Liability/Equity Account Types for the Balance Sheet
- Fixed Asset
- Credit Card
- Accounts Receivable
- Other Current Asset
- Other Asset
- Accounts Payable
- Other Current Liability
- Long Term Liability
The Chart of Accounts can be accessed by one of several menu selections, Company->Chart of Accounts and Lists->Chart of Accounts, or by clicking Ctrl + A.
If account numbers are used, the numbers should follow certain broad account types. See our article on assigning general ledger account numbers based on the account type.
wayne Lambert says
How can I limit access within the chart of account to certain account types. I have certain users that I only want to see Cost of Goods Sold accounts when setting up items.