Balance Sheet Accounts
Tracks chequing, savings, petty cash, etc. Add one bank account for every bank account your company has.
ACCOUNTS RECEIVABLE (A/R)
Tracks transactions for money owed to you (e.g., invoices, refunds). Most companies have 1 A/R account (except when using multiple currencies).
OTHER CURRENT ASSET
Tracks assets you're likely to use up within a year (e.g., prepaid expenses).
Tracks depreciable assets you own that aren't likely to be used up within a year (e.g., equipment).
Tracks any asset that is neither current nor fixed.
ACCOUNTS PAYABLE (A/P)
Tracks transactions for money you owe (e.g., bills).
Tracks credit card purchases, bills & payments.
OTHER CURRENT LIABILITY
Tracks liabilities that are scheduled to be paid within a year.
Tracks liabilities that are scheduled to be paid over periods longer than a year (e.g., mortgages).
Tracks owners' equity (e.g., capital investments), owners' draws & retained earnings.