About asset, liability, and equity accounts

There are six categories of accounts in WorkingPoint:

Asset accounts
Liability and Equity accounts
Cost of Goods Sold accounts
Income and Expense accounts

Within each category are different account types that track your transactions.

Accounts	Description
ASSET ACCOUNTS - Represent what you own
Bank	Helps you keep track of your banking activity. Includes checking, savings, and petty cash accounts.
Accounts Receivable	Tracks money that is owed to you as a result of sales.
Inventory Asset	Tracks of the value of the items you have on hand to sell.
Current Asset	Tracks assets that are used up within a year or converted to cash, such as security deposits and petty cash.
Fixed Asset	Tracks big items you own that you are not likely to use up or sell in a year and that are likely to depreciate over time, such as equipment, vehicles, or furniture.
Other Current Asset	Tracks any asset that is not a current asset or a fixed asset, such as long-term notes receivable.
Other Asset	Tracks assets that do not fit in any other predefined asset categories.
LIABILITY ACCOUNTS - Represent what you owe
Credit Card	Tracks credit card purchases, payments, and other credits.
Accounts Payable	Tracks money you owe, including bills, bill payments, and any credit you have with vendors.
Other Current Liability	Tracks liabilities that are scheduled to be paid within one year, such as sales tax, payroll taxes, accrued or deferred salaries, and short-term loans.
Long Term Liability	Tracks liabilities such as loans or mortgages scheduled to be paid over periods longer than one year.
EQUITY - Represents the worth of your business including any investments the owners have made in the company
Equity	Tracks investments made in the company, money you've drawn out of the company, and any retained earnings.
COST OF SALES
COS	Tracks the cost of inventory as it is sold.
INCOME - Represents what you earned
Revenue	Tracks the main source of your company's income, such as sales.
Other Income	Tracks income earned outside the normal business operations, such as interest.
EXPENSES - Represents what you spent
Expense	Tracks where you are spending your money for things you don't resell, such as rent.
Other Expense	Tracks money that went out for other things not part of your regular business operations, like corporate taxes.