Choose the chart of accounts type that best fits your company. You must use the same Chart of Accounts type for every QuickBooks export.
The chart of accounts is a complete list of a businessís accounts and their balances. You use it to track how much money your company has, how much money it owes, how much money is coming in, and how much is going out (descriptions provided by QuickBooks Help).
Expense Accounts track money leaving your company.
Cost of Goods Sold Accounts track the cost of goods and materials held in inventory and then sold.
Other Current Asset Accounts track assets that are likely to be converted to cash or used within one year, such as security deposits. (for WIP Accounting)
Fixed Asset Accounts track depreciable assets your company owns that are not likely to be converted into cash within one year, such as equipment. (for WIP Accounting)
Other Asset Accounts track any asset that is neither a fixed asset nor a current asset, such as long-term notes receivable. (For WIP Accounting)
Other Expense Accounts track money spent on something other than normal business operations, such as corporate taxes.
Income Accounts track the main source of money coming into your company.
Other Current Liability Accounts track liabilities that are scheduled to be paid within one year, such as sales tax or payroll taxes. (For WIP Accounting)
Long Term Liability Accounts track liabilities such as loans or mortgages scheduled to be paid over periods longer than one year. (For WIP Accounting)
Other Income Accounts track money received for something other than normal business operations, such as interest income.
& NOTE: For more information about account types, consult the Help included with QuickBooks.