The chart of accounts lists your company's accounts, in five distinct groups; each account is automatically assigned to a group. The account group identifies each account's function and groups it with similar accounts:
Within a group of accounts, each account is assigned an account type, which is used to organize your accounts and to show their relationships to one another within a group.
If you want to modify how accounts appear on your Balance Sheet or Income Statement you may need to modify an account group. To specify an account's group, you can either use the Modify Accounts wizard or edit the account record manually (click the Class Options tab).
If you want to match accounts with an existing account structure, or need to increase the number of accounts available, Sage 50 Accounting also allows you to
expand the number range of your account groups.
For each account group you choose for an account, you assign a class option to further specify the type of information you plan to track in the account (when you add an account you must choose its class). Assigning account class options for asset accounts is particularly useful because you can differentiate between cash, bank, and more general asset accounts. You can then store banking and credit card information with the account, such as your account number or the bank's web address.
The class options available depend on the type of account: Asset, Liability, Equity, Revenue, Expense
Note: If you have set up a foreign currency, you can set a cash or bank account to use a foreign currency on the account's Class Options tab.