Virtual Teams (VT), enabled by Information and Communication Technology (ICT), are more common in organizations. VT members frequently exchange information because of their interdependent tasks but little is known on how this information influences on the VT's functioning. This paper groups that information into several types and describes their significance in VT. Work outputs, work processes, work experiences and ICT captured information are subsequently used as indicators to analyse the VT's effective functioning. These indicators are mapped to the different information types and a framework about their interconnections is proposed. Some suggestions on how to manage different information types for effective functioning in different VT types are offered.