Is there a way to add another "type" other than Expense and Income?

Question

Is there a way to add another "type" other than Expense and Income? i.e. Income, Living Expense, Discretionary Expense.

NotACPA · Accepted Answer

Living Expense and Discretionary expense would be Categories under the general Expense umbrella.In accounting, there are ONLY 4 types of "ledger": Income, Expense, Asset and Liability (but Q calls those last 2 "accounts")So, go ahead and create a "Living Expense" category (TOOLS, Category List, New Category, and click the "Expense" radio button).