Enter a description or name, up to 60 characters, to describe this major category of accounts.
After you have associated the major category with a GL account, you can then use the description to help you sort and group financial statements based on the category. For example, it might be useful to describe categories so that it is easy to see at a glance which categories apply to asset, liability, or income/expense accounts.
For GL Income Statement and GL Balance Sheet reports
The descriptions will be the group labels on the report.