Our accounting module is based on the principle of five major categories into which accounts are divided:

(1) Assets

(2) Revenue

(3) Expenses

(4) Liability and

(5) Equity

This represents ‘Class ‘in our system. All accounting software follows the same principle. However, the representation of the end-user interface varies.

Here we will try to outline the differences between us vs QuickBooks vs Wave accounting platform:

1) We show the main classes to the user. The other two platforms do not.

2) Our ‘SubClass ‘is the same as Quickbooks’s ‘Account Type ‘. WAVE also refers to this as ‘Account Type ‘.

3) We show ‘Subclass ‘items based on the selection of ‘Class’drop-down. However, the other two platforms show all the available ‘Account Types’ together. However, as our platform is focused on the property management business, we might be missing a few of the generic account types. Please let us know if you do not see the item you are looking for in the ‘SubClass’ drop-down.

4) Quickbook shows ‘DetailType‘. Us and WAVE do not show this drop-down. This ‘Detailtype’ is always the same as ‘Account Name’. However, they allow changing the ‘Account Name’ to the user’s choice. We also allow users to edit the account name without showing ‘DetailType ‘in the user interface.

By default, we add over 370 charts of accounts to each client profile. Most of them are not visible unless you add them to the list. Follow this article to add more charts of accounts.