Setting Up the Chart of Accounts

To set up and maintain all the accounts that are used throughout the system, use the Chart of Accounts form.

Before setting up the Chart of Accounts, you need to define the structure of the accounts, grouped by account type (asset, liability, expense, and so on), and assign logical account numbers to them.

For more information, see About Accounts.

To add an account:

  1. Open the Chart of Accounts form.
  2. Select Actions > New.
  3. In the Account field, enter the account identifier for the account you are adding.
  4. In the field to the right of the Account field, enter the description of the account for reference.
  5. From the Account Type drop-down list, select the account type.
    Note:  If you select Allocation, you must also enter an allocation for it on the Chart of Account Allocations form.
  6. In the Effective Date field, select the date you want the account to become active.
  7. If you no longer want to use the account after a particular date, select that date in the Obsolete Date field. Otherwise, leave this field blank.
  8. In the Unit Code 1-4 fields, select one of these options:
    • No Access: The reporting unit field will not be accessible for this account. The system also disables the corresponding Unit Code tab on the form.
    • Accessible: The reporting unit field will be accessible for this account.
    • Required: The reporting unit field is required for this account.
  9. If the financial entity reports to another financial entity, select either Buying or Selling as the Exchange Rate Type. Then, select the number of the account to which this account reports in the other financial entity, and the currency translation method.
  10. To save the account, select Actions > Save.
Related topics
General Ledger Setup
About Accounts