The category headings for your Chart of Accounts may be different, however the Sign and Type must be exactly the same. Ledger account report code requirements should be kept in mind when deciding the category headings to be used for your organisation. (Refer: Ledger Report Codes)
Category Sign Type
Income Credit Profit & Loss
Other Income Credit Profit & Loss
Cost of Sales Debit Profit & Loss
Expenses Debit Profit & Loss
Other Expenses Debit Profit & Loss
Assets (Current) Debit Balance Sheet
Assets (Fixed) Debit Balance Sheet
Assets (Deferred) Debit Balance Sheet
Investments Debit Balance Sheet
Intangible Assets Debit Balance Sheet
Capital Credit Balance Sheet
Liability (Current) Credit Balance Sheet
Liability (Long Term) Credit Balance Sheet
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