Which type of account is used to manage income and expenses through predefined formulas?

GL Accounts, or General Ledger Accounts, are specifically designed to manage financial transactions, including income and expenses. They are fundamental to accounting as they provide a structured way to track all financial activities within an organization. The predefined formulas associated with GL Accounts help in automatically calculating totals, budgets, and variances based on the data entered, thereby streamlining the financial management process.

In contrast, Account Formulas and Override Account Formulas pertain to specific calculations that enhance or modify how accounts behave but are not the primary type used for overall income and expense management. Metric Accounts are typically utilized for tracking performance indicators and metrics rather than strictly managing financial transactions. Hence, GL Accounts are the correct choice for effectively managing income and expenses through the application of predefined formulas.