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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.
COA Section is a key for any account. The section indicates the economic purpose of the account. 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.
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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. which dimensions are available for the account depends on the selected COA section.
You can select the Turnovers Only check box option for the dimension. If the Turnovers Only option is selected, you cannot view the account balance . For example, the Income Item dimension is a turnaround for the Sales of Goods account, so you cannot store balances by the income items for the revenue account. Moreover, it has no practical meaningby dimension.
In the Details field, you can add any relevant details on using this account.
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