Using this form, you can view general information on an existing GL account or provide such information on a new account.
On this form, the following fields are required: Code, Description and Section.
The "Account (create)" form
In the Code field, provide a code for the new GL account according to the coding scheme used in your company.
In the default chart of accounts, 7 digit-codes are used for accounts. The first digit designates the reporting section in which the account will be displayed (for example, Non-Current Assets, Income). The other digits are used to designate the order of the account in COA.
Both the code and description will be displayed in the system interfaces and in the drop-down lists.
Chart of accounts has a hierarchy structure. Accounts are organized in groups and sections. To create a group of accounts, X, create an account X in the Account Group section, and then, create subordinate accounts with the X account in the Parent Group field.
The COA section provides the key information on how the account is used. The account section defines how the account can be used in business transactions and reports: Statement of Financial Position, Income Statement (P&L), Statement of Equity Changes. The list of sections is predefined, you cannot extend it in the user mode. If needed, contact the product support team.
You can specify the type of transactions for the account in the Type field:
- Debit
- Credit
- Debit/Credit
The transaction type determines how the balance of this account is calculated and posted in the following reports: Trial Balance GL, Trial Balance for Account, Statement of Account. For example, for Asset accounts the balances (for opening and closing period) are shown in the Dr column, for Liability accounts — in the Сr. column.
If you do not want this account to appear in financial reports, you can select the Off-Balance check box for the account. Off-balance accounts appear in the Trial Balance for Account report.
If the account is of Income or Expense type, you can select the Accounting by Department check box. With this option selected, the balance of the account is generally structured as records of the following type: Department / Amount.
In the Extra Dimensions section of the form, you can specify which of the available dimensions should be used for the account. Notice that which dimensions are available for the account depends on the selected COA section.
You can select the Turnovers Only option for the dimension. If the Turnovers Only option is selected, you cannot view the account balance by dimension.
In the Details field, you can add any relevant details on using this account.
Click the Save button to save the changes to the account or the Save and close button to save the account and close the form.