{"id":119877,"date":"2025-03-08T11:15:52","date_gmt":"2025-03-08T11:15:52","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/types-of-accounts-in-accounting\/"},"modified":"2025-03-08T11:15:52","modified_gmt":"2025-03-08T11:15:52","slug":"types-of-accounts-in-accounting","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=119877","title":{"rendered":"Types of Accounts in Accounting"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>You\u2019ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting. <\/p>\n<p><span id=\"more-46731\"\/><\/p>\n<p>If you don\u2019t know what they are, your crash course has arrived.\u00a0<\/p>\n<p>Read on to learn about the different types of accounts with examples, dive into sub-accounts, and more.\u00a0<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-types-of-accounts-and-your-books-nbsp\">Types of accounts and your books\u00a0<\/h2>\n<p>When you buy or sell goods and services, you must update your <a href=\"https:\/\/www.patriotsoftware.com\/blog\/accounting\/how-to-set-up-accounting-books-for-small-business\/\">business accounting books<\/a> by recording the transaction in the proper account. This shows you all the money coming into and going out of your business. And, you can see how much money you have in each account. Sort and track transactions using accounts to create financial statements and make business decisions.\u00a0<\/p>\n<p>Generally, businesses list their accounts by creating a chart of accounts (COA). A chart of accounts lets you organize your account types, number each account, and easily locate transaction information.<\/p>\n<p>So, what are the accounts you need to keep track of? There are five main types of ledger accounts\u2026<\/p>\n<div id=\"blog-article-ad-block_1b1f060dc2bbfb0e86ba9866d00f75cf\" class=\"blog-article-ad-block\">\n<div class=\"acct-blog-inline-ad ad-style-1 row\">\n<div class=\"col-xs-6 col-xxs-12\">\n<div class=\"blog-ad-content\">\n<p>Patriot\u2019s accounting software is easy to use!<\/p>\n<ul class=\"check-list check-vv-40 ad-content\">\n<li>Easy onboarding with startup wizard<\/li>\n<li>Patriot\u2019s Accounting Premium customers can easily add subaccounts<\/li>\n<li>Use a standard Chart of Accounts or customize yourself<\/li>\n<\/ul>\n<div class=\"ta-r\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.patriotsoftware.com\/wp-content\/themes\/wordpress-theme\/assets\/images\/patriot-software-mini.svg\" alt=\"Patriot Software logo\" role=\"presentation\" width=\"90\" height=\"40\"\/><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"h-5-types-of-accounts-nbsp-in-accounting\">5 Types of accounts\u00a0in accounting<\/h2>\n<p>Although businesses have many accounts in their books, every account falls under one of the following five categories:<\/p>\n<ol class=\"wp-block-list\">\n<li>Assets<\/li>\n<li>Expenses<\/li>\n<li>Liabilities<\/li>\n<li>Equity<\/li>\n<li>Revenue (or income)<\/li>\n<\/ol>\n<p>Familiarize yourself with and learn how debits and credits affect these accounts. Then, you can accurately categorize all the subaccounts that fall under them.<\/p>\n<p>So, how do <a href=\"https:\/\/www.patriotsoftware.com\/blog\/accounting\/debits-and-credits\/\">debits and credits<\/a> affect asset, expense, liability, equity, and revenue accounts? Do debits decrease or increase these accounts in your books? How about credits?<\/p>\n<p>Assets and expenses increase when you debit the accounts and decrease when you credit them. Liabilities, equity, and revenue increase when you credit the accounts and decrease when you debit them.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"835\" height=\"480\" src=\"https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2017\/02\/Debits-and-Credits-1-1.png\" alt=\"accounts and how debits and credits impact them: assets and expenses are increased by debits and decreased by credits; liabilities, equity, and revenue are increased by credits and decreased by debits\" class=\"wp-image-51465\" srcset=\"https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2017\/02\/Debits-and-Credits-1-1.png 835w, https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2017\/02\/Debits-and-Credits-1-1-300x172.png 300w, https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2017\/02\/Debits-and-Credits-1-1-768x441.png 768w\" sizes=\"auto, (max-width: 835px) 100vw, 835px\"\/><\/figure>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"h-what-are-subaccounts\">What are subaccounts?<\/h2>\n<p>By this point, you might be wondering about all the other accounts you\u2019ve seen and heard of. <em>Where\u2019s the Checking account? The Petty Cash account? The Accounts Payable account?<\/em> These are all examples of accounts you may have in your five main accounts. But, you can break things down even more.\u00a0<\/p>\n<p>Rather than listing each transaction under the above five accounts, businesses can break accounts down even further using subaccounts.<\/p>\n<p>Subaccounts show you exactly where funds are coming in and out of. And, you can better track how much money you have in each individual account.\u00a0<\/p>\n<p>Let\u2019s say you make utility payments. Rather than listing out each type of utility expense in your Expense category, you can use utility subaccounts to group them under Utilities. This shows you exactly how much money you\u2019re spending in utilities.\u00a0<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-types-of-accounts-and-subaccounts-examples\">Types of accounts and subaccounts [Examples]<\/h2>\n<p>Here are some accounts and subaccounts you can use within asset, expense, liability, equity, and income accounts.<\/p>\n<h3 class=\"wp-block-heading\" id=\"h-1-asset-accounts\">1. Asset accounts<\/h3>\n<p>Assets are the physical or non-physical types of property that add value to your business. For example, your computer, business car, and trademarks are considered assets.<\/p>\n<p>Some examples of asset accounts include:<\/p>\n<p>Although your Accounts Receivable account is money you don\u2019t physically have, it is considered an asset account because it is money owed to you.<\/p>\n<p>Again, debits increase assets and credits decrease them. Debit the corresponding sub-asset account when you add money to it. And, credit a sub-asset account when you remove money from it.<\/p>\n<h4 class=\"wp-block-heading\" id=\"h-asset-accounts-example\">Asset accounts example<\/h4>\n<p>Let\u2019s look at an example. You sell some inventory and receive $500. You put the $500 in your Checking account. Increase (debit) your Checking account and decrease (credit) your Inventory account.<\/p>\n<figure class=\"wp-block-table\">\n<table>\n<thead>\n<tr>\n<th>Date<\/th>\n<th>Account<\/th>\n<th>Debit<\/th>\n<th>Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>XX\/XX\/XXXX<\/td>\n<td>Checking<\/td>\n<td>500<\/td>\n<td\/><\/tr>\n<tr>\n<td\/>\n<td>Inventory<\/td>\n<td\/>\n<td>500<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h3 class=\"wp-block-heading\" id=\"h-2-expense-accounts\">2. Expense accounts<\/h3>\n<p>Expenses are costs your business incurs during operations. For example, office supplies are considered expenses.<\/p>\n<p>Examples of accounts that fall under the expense account category include:<\/p>\n<p>Remember that debits increase your expenses, and credits decrease expense accounts. When you spend money, you increase your expense accounts.<\/p>\n<p>You can set up sub-accounts for insurance (e.g., general liability insurance, errors and omissions insurance, etc.) to further break things down.\u00a0<\/p>\n<h4 class=\"wp-block-heading\" id=\"h-expense-accounts-example\">Expense accounts example<\/h4>\n<p>Let\u2019s say you spend $1,000 on rent. You pay for the expense with your Checking account. Increase your Rent Expense account with a debit and credit your Checking account.<\/p>\n<figure class=\"wp-block-table\">\n<table>\n<thead>\n<tr>\n<th>Date<\/th>\n<th>Account<\/th>\n<th>Debit<\/th>\n<th>Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>XX\/XX\/XXXX<\/td>\n<td>Rent Expense<\/td>\n<td>1,000<\/td>\n<td\/><\/tr>\n<tr>\n<td\/>\n<td>Checking<\/td>\n<td\/>\n<td>1,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h3 class=\"wp-block-heading\">3. Liability accounts<\/h3>\n<p>Liabilities represent what your business owes. These are expenses you have incurred but have not yet paid.<\/p>\n<p>Types of business accounts that fall under the liability branch include:<\/p>\n<ul class=\"wp-block-list\">\n<li>Payroll Tax Liabilities<\/li>\n<li>Sales Tax Collected<\/li>\n<li>Credit Memo Liability<\/li>\n<li><a href=\"https:\/\/www.patriotsoftware.com\/blog\/accounting\/what-are-accounts-payable\/\">Accounts Payable<\/a><\/li>\n<\/ul>\n<p>Accounts payable (AP) are considered liabilities and not expenses. Why? Because accounts payables are expenses you have incurred but not yet paid for. As a result, you add a liability, or debt.<\/p>\n<p>Credit liability accounts to increase them. Decrease liability accounts by debiting them.<\/p>\n<h4 class=\"wp-block-heading\" id=\"h-liability-accounts-example\">Liability accounts example<\/h4>\n<p>You buy $500 of inventory on credit. This increases your Accounts Payable account (credit). And, it increases the amount of inventory you have (debit). Your journal entry might look something like this:<\/p>\n<figure class=\"wp-block-table\">\n<table>\n<thead>\n<tr>\n<th>Date<\/th>\n<th>Account<\/th>\n<th>Debit<\/th>\n<th>Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>XX\/XX\/XXXX<\/td>\n<td>Inventory<\/td>\n<td>500<\/td>\n<td\/><\/tr>\n<tr>\n<td\/>\n<td>Accounts Payable<\/td>\n<td\/>\n<td>500<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h3 class=\"wp-block-heading\" id=\"h-4-equity-accounts\">4. Equity accounts<\/h3>\n<p>Equity is the difference between your assets and liabilities. It shows you how much your business is worth.<\/p>\n<p>Here are a few examples of equity accounts:<\/p>\n<ul class=\"wp-block-list\">\n<li>Owner\u2019s Equity<\/li>\n<li>Common Stock<\/li>\n<li>Retained Earnings<\/li>\n<\/ul>\n<p>Again, equity accounts increase through credits and decrease through debits. When your assets increase, your equity increases. When your liabilities increase, your equity decreases.<\/p>\n<h4 class=\"wp-block-heading\" id=\"h-equity-accounts-example\">Equity accounts example<\/h4>\n<p>You invested in stocks and received a dividend of $500. To reflect this transaction, credit your Investment account and debit your Cash account.\u00a0<\/p>\n<figure class=\"wp-block-table\">\n<table>\n<thead>\n<tr>\n<th>Date<\/th>\n<th>Account<\/th>\n<th>Debit<\/th>\n<th>Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>XX\/XX\/XXXX<\/td>\n<td>Cash<\/td>\n<td>500<\/td>\n<td\/><\/tr>\n<tr>\n<td\/>\n<td>Investment<\/td>\n<td\/>\n<td>500<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h3 class=\"wp-block-heading\" id=\"h-5-revenue-accounts\">5. Revenue accounts<\/h3>\n<p>Last but not least, we\u2019ve arrived at the revenue accounts. Revenue, or income, is money your business earns. Your income accounts track incoming money, both from operations and non-operations.<\/p>\n<p>Examples of income accounts include:<\/p>\n<ul class=\"wp-block-list\">\n<li>Product Sales<\/li>\n<li>Earned Interest<\/li>\n<li>Miscellaneous Income<\/li>\n<\/ul>\n<p>To increase revenue accounts, credit the corresponding sub-account. Decrease revenue accounts with a debit.<\/p>\n<h4 class=\"wp-block-heading\" id=\"h-revenue-accounts-example\">Revenue accounts example<\/h4>\n<p>Say you make a $200 sale to a customer who pays with credit. Through the sale, you increase your Revenue account through a credit. And, increase your Accounts Receivable account through a debit.<\/p>\n<figure class=\"wp-block-table\">\n<table>\n<thead>\n<tr>\n<th>Date<\/th>\n<th>Account<\/th>\n<th>Debit<\/th>\n<th>Credit<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>XX\/XX\/XXXX<\/td>\n<td>Accounts Receivable<\/td>\n<td>200<\/td>\n<td\/><\/tr>\n<tr>\n<td\/>\n<td>Revenue<\/td>\n<td\/>\n<td>200<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h2 class=\"wp-block-heading\">Quick-reference list of accounts in accounting<\/h2>\n<p>Keeping track of your different types of accounts in accounting can be a challenge. Remember, you can create a chart of accounts to stay organized.<\/p>\n<p>Use the list below to help you determine which types of accounts you need in business.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2025\/03\/types-of-accounts-accounting-1024x1024.webp\" alt=\"Examples of types of accounts in accounting\" class=\"wp-image-74457\" srcset=\"https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2025\/03\/types-of-accounts-accounting-1024x1024.webp 1024w, https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2025\/03\/types-of-accounts-accounting-300x300.webp 300w, https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2025\/03\/types-of-accounts-accounting-150x150.webp 150w, https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2025\/03\/types-of-accounts-accounting-768x768.webp 768w, https:\/\/www.patriotsoftware.com\/wp-content\/uploads\/2025\/03\/types-of-accounts-accounting.webp 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><\/figure>\n<h2 class=\"wp-block-heading\">Does your accounting method influence your accounts?<\/h2>\n<p>Will you use all of the above types of accounts in accounting?<\/p>\n<p>The types of accounts you use depend on the accounting method you select for your business. You can choose between cash-basis, modified cash-basis, and <a href=\"https:\/\/www.patriotsoftware.com\/blog\/accounting\/an-overview-of-accrual-accounting\/\">accrual accounting<\/a>.<\/p>\n<p>If you use cash-basis accounting, do not use liability accounts like accounts payable and long-term liabilities.<\/p>\n<p>Modified cash-basis and accrual accounting use the same accounts, which are advanced accounts such as AP and long-term liabilities.<\/p>\n<p><em>This article has been updated from its original publication date of June 25, 2019.<\/em><\/p>\n<p><span class=\"smaller-text\"><em>This is not intended as legal advice; for more information, please <a href=\"https:\/\/www.patriotsoftware.com\/about\/legal-disclaimer\/\">click here.<\/a><\/em><\/span>\n\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting. If you don\u2019t know what they are, your crash course has arrived.\u00a0 Read on to learn about the different types of accounts [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":119878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[12843,53000,11074,53001,14149],"dealstore":[],"offerexpiration":[],"class_list":["post-119877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-accounting","tag-accounting-reports","tag-accounts","tag-general-ledger","tag-types"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Types of Accounts in Accounting - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=119877\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Types of Accounts in Accounting - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"You\u2019ve heard about debits and credits. 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You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting. 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