Type

Account Types are assigned to accounts as the primary grouping for presentation on your company's financial statements.

Classification of Account Types
Account Type	Balance Sheet/Income Statement Grouping	Current or Long-Term	Shown as Positive Number if the Balance is:
Bank	Asset	Current	Debit
Accounts Receivable	Asset	Current	Debit
Inventory	Asset	Current	Debit
Other Current Asset	Asset	Current	Debit
Fixed Asset	Asset	Long-Term	Debit
Other Asset	Asset	Long-Term	Debit
Accounts Payable	Liability	Current	Credit
Credit Card	Liability	Current	Credit
Other Current	Liability	Current	Credit
Long Term	Liability	Long-Term	Credit
Equity	Equity		Credit
Income	Gross Profit		Credit
Cost of Goods Sold	Gross Profit		Debit
Expense	Expense		Debit
Other Income	Other Income/Expense		Credit
Other Expense	Other Income/Expense		Debit
Interest Paid	Other Income/Expense		Debit
Income Tax	Taxes		Debit