Chart of Accounts
Chart(Of Accounts)
Chart of accounts is an index of all financial accounts in the General Ledger of a company to record transactions.
New account number/heads can be created to account nature of expenses/gains etc.,
if any change in the existing account number, click on change .
Account: Use only Numerals for easier accounting process, the numerals cannot be changed after transaction are posted to it.
Shell Account: Enable the check box, if it's a header account & no transaction are posted to it,( One or many Child accounts can be tagged to the Shell Account).
Description: Description of the account to be entered should be simple & easy to understand.
Account Type: On choosing the account type the
flag Credit Account/Debit Account will be auto interpolated in the screen.
Parent Account: The parent account type to be selected if the account must be grouped under a header account.
Initial Balance: For a New Start-up the initial balance should be zero,
enter the balance amount from the legacy system with initial date,
Please note the Currency will be defaulted from the Initial Company Setup.
Status: Active will be the default status, if any account has been created wrongly & if transaction are not posted make it inactive.
Bank Account: The field will be populated if the account created is a bank account Enable the check box,
also, the tabs on the top has to be updated refer screen below for the check number & initial balance.
Divisions: The account created may be applicable for few division/s only, hence
division to be added against the account number for ascertaining Profit & Loss against each division.
Balances: Once transaction are posted in the account the Balance at the end of each period will be populated &
the current balance as at the end of any transaction will be displayed, if click on View Full transactions ,
irrespective of the period the transactions will be populated.
Budget: Click on budget to update the budgeting amount for each month for analysis of actual vs budgeted.
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