Different Balance Sheet Categories

When creating any chart-of-account category in QuickBooks, it is mandatory to choose an Account Type and a Detailed Type, and then you must give the account a Name. Choosing the Account Type is really the most important. This will determine within which section of a report the account category will appear. The Detailed Type is really to give you a guide of what sort of accounts usually fall within this group.

The following table lists the Account Type categories in QuickBooks against the different balance sheet categories that can be created:

Note

The terminology for Account Types may vary slightly in different regions. For example, the UK has an Account Type called Tangible Assets, where most other regions have Fixed Assets.

You'll no doubt be able to come up with a few more examples of balance sheet account categories. If you have done, think about which Account Type they would fall under.

Now that we...