Accounts must belong to one of the standard eight account types. The first column is the shorthand code that MoneyWorks uses to identify the account types.
|Funds that your company has earned through direct sales are put into Sales accounts
|Cost of Sales
|Expenses that your company has incurred that directly relate to sales are put into ta Cost of Sales account.
|Other funds that your company has earned are put into Income accounts
|Other funds that your company has spent are put into Expense accounts.
|A Current Asset account is used to represent money in the bank, cash or other assets that can readily be converted into cash.
|A Current Liability account is used to represent monies that must be paid in the short term.
|A Fixed Asset account is used to represent long-life assets such as land, buildings, plant, furniture & fittings etc.
|A Term Asset account is used to represent relatively long term assets (such as term deposits) that are not quite so easily converted into cash.
|A Term Liability account is used to represent liabilities that are not payable in the short term, such as mortgages.
|Shareholders Funds (Equity)
|A Shareholders’ Funds account is used to represent the value of the equity that the owners have in the company.
MoneyWorks also has six system account types for control accounts.
|Not available in MoneyWorks Cashbook. A Current Asset account used to represent the amount of money owed to you by your debtors. It is possible to assign different Accounts Receivable control accounts to different kinds of debtors.
|Not available in MoneyWorks Cashbook. A Current Liability account used to represent the amount of money you owe to your creditors. It is possible to assign different Accounts Payable control accounts to different creditors.
|A current or term asset or liability account that corresponds to a bank account or credit card. These accounts appear in the Bank pop-up menu for Receipts and Payments.
|A Current Liability account used to hold the amount of GST/VAT/TAX that you are holding on behalf of the government. Each tax code can have a different GST Received account.
|A Current Asset account used to hold the amount of GST/VAT that you have paid out and can claim back. Each tax code can have a different GST Paid account associated with it.
|Profit & Loss
|A special account of type Shareholders&rsqt; Funds to which any profit (or loss) for a financial year is transferred at the end of that year. MoneyWorks allows you to have more than one Profit & Loss account and you can specify which Profit & Loss account a particular Income or Expense account is to be associated with (and therefore have its balance transferred to at year end).
In the Accounts list window, system accounts show with their general account type code italicised in the Type column. The general account code for these system account types is shown in the third column of the above table.