Account Types

Each account in NetSuite must have a Type assigned. Each of these account types belongs to a broader category in the general accounting equation: Assets + Expenses = Equity + Liabilities + Income.

Each account type has a normal balance type of debit or credit. NetSuite uses positive notation for debit accounts and negative notation for credit accounts. For information about creating accounts, see Creating Accounts.

The relationship between type, category, balance type, and notation in NetSuite is shown in the following table:

Account Type

Category

Balance Type

Notation

Accounts Receivable

Asset

Debit

+

Bank

Asset

Debit

+

Deferred Expense

Asset

Debit

+

Fixed Asset

Asset

Debit

+

Other Asset

Asset

Debit

+

Other Current Asset

Asset

Debit

+

Unbilled Receivable

Asset

Debit

+

Equity

Equity

Credit

-

Cost of Goods Sold

Expense

Debit

+

Expense

Expense

Debit

+

Other Expense

Expense

Debit

+

Income

Income

Credit

-

Other Income

Income

Credit

-

Accounts Payable

Liability

Credit

-

Credit Card

Liability

Credit

-

Deferred Revenue

Liability

Credit

-

Long Term Liability

Liability

Credit

-

Other Current Liability

Liability

Credit

-

Note:

You cannot create new or modify existing account types.

NetSuite also includes a non-monetary account type called Statistical. For more information, see Using Statistical Accounts.

Accounts that belong to the asset, liability, and equity categories are included in the balance sheet. Income and expense accounts are in the income statement.

Related Topics:

Feature-Specific, System-Generated Accounts
Chart of Account Numbering
Available Account Registers
Entering Opening Balances
Setting Up Historical Balances in OneWorld
Viewing the Chart of Accounts
Making Changes to Accounts
Chart of Accounts Management

General Notices