From the course: MYOB AccountRight Essential Training

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Designing the Accounts Lists

Designing the Accounts Lists

In this video I will explain the theory of how account lists are set up. An Account List, also known as the Chart of Accounts, contains a list of all the accounts required to record, track, organize, and report on the company's financial activity. In MYOB Account Right, accounts are grouped into eight different classifications. Each account has a prefix which denotes the account classification. We will look at six of these different types of classifications. We have one for asset accounts. These are items owned by the business. They include cash at bank, debtors and motor vehicles. Two, which are our liability accounts. These are items owed by the business. Creditors, Visas, and bank loans. We have three which is our equity accounts. The owner's share of the business, including capital and drawings. Full income. This is for revenue or income into the business for selling services. Five, cost of goods sold like cleaning products or contract or labor. Six for expenses. These are the…

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