Glossary Term: MYOB ERP


Accounts are something to which transactions are assigned. Accounts are classified into eight categories: assets, liabilities, equity, income, cost of sales, expense, other income, and other expense. You can also …

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Account Classification

The Assets accounts include assets you currently own, such as cash, accounts receivable and inventory. Liabilities income include the amounts you owe to other individuals or organizations.

Account Type

Account type indicates its classification. Header accounts have one of eight classifications, each named the same as the classification. Detail accounts have multiple assets. Each of the other six classifications …

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Accounts List

List of accounts or Chart of accounts is list all asset, liabilities, debt, equity, cost of sales, other income and expense .

Accounts Payable

The amount you owe to someone else after accounting for all of your purchases.

Accrual Method (basis)

This is a method of accounting that records sales and purchases at the time they’re delivered, not when you receive payment.

Accrued Expenses

These are expenses you know about but haven’t incurred yet.


There is a special user profile in the company file called “administrator.” In general, the Administrator ID can create new user profiles. An Administrator can enter and save changes to …

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