Account Sections/Class

Modified on Tue, 7 Oct at 4:33 AM

BrizoSystem organizes accounts into Sections and Classes. The Section groups accounts by their functional area, while the Class categorizes them into broad financial statement types such as Asset, Liability, Equity, Revenue, and Expense.

Section	Class	Description
BANK	ASSET	Represents all cash and bank balances held by the company, including checking accounts, savings, and petty cash.
ACCOUNTS RECEIVABLE	ASSET	Tracks amounts owed to the company by customers for goods or services sold on credit.
INVENTORY	ASSET	Represents the value of goods available for sale, including raw materials, work-in-progress, and finished goods.
CURRENT ASSET	ASSET	Assets expected to be converted into cash or used up within one year, such as cash, receivables, and short-term investments.
FIXED ASSET	ASSET	Long-term tangible assets used in business operations, like machinery, equipment, and buildings.
NON CURRENT ASSET	ASSET	Assets that are not expected to be converted into cash within a year, including long-term investments and intangible assets.
EQUITY	EQUITY	Represents the owners’ interest in the company, including share capital, retained earnings, and reserves.
CURRENT LIABILITY	LIABILITY	Obligations due within one year, such as short-term loans, accounts payable, and accrued expenses.
NON CURRENT LIABILITY	LIABILITY	Obligations due beyond one year, such as long-term debt and lease obligations.
ACCOUNTS PAYABLE	LIABILITY	Amounts the company owes to suppliers for goods and services purchased on credit.
TAXES PAYABLE	LIABILITY	Taxes owed to government authorities that are yet to be paid.
PAYROLL PAYABLE	LIABILITY	Salaries, wages, and other employee benefits owed but not yet disbursed.
EXPENSE	EXPENSE	General operating expenses not classified under specific categories like depreciation or taxes.
REVENUE	REVENUE	Income earned from the company’s core business operations, such as sales of products or services.
DIRECT COSTS	REVENUE	Costs directly associated with producing goods or delivering services, often called Cost of Goods Sold (COGS).
DEPRECIATION	EXPENSE	The systematic allocation of the cost of tangible fixed assets over their useful life.
TAXES EXPENSE	EXPENSE	Represents income taxes recognized in the financial statements for a period.
INTEREST EXPENSE	EXPENSE	Costs incurred on borrowed funds, such as loans or bonds.
OTHER INCOME	REVENUE	Non-operational income, such as gains from asset sales or one-off transactions.
INTEREST INCOME	REVENUE	Income earned from cash balances, investments, or loans given to others.
OTHER EXPENSE	EXPENSE	Non-operational or irregular expenses that do not fit into the main expense categories.