To access the chart of accounts, go to Accounting > See Also > Chart of Accounts.
According to the international financial reporting standards, the chart of accounts is the basis for accounting and analysis of the company organization's financial activities.
FirstBIT ERP includes a predefined chart of accounts which you can use it as it is. However, you can change it to fit the companythe organization's needs.
Note. It is recommended that you make any required changes to COA before you actually start using the system.
The Chart of Accounts for the organization
The chart of accounts includes all the GL accounts available in the system. If you don't see a specific account, use the Search field to locate the account by a string in its description. You can change the list display settings to suit your particular needs. To learn more about the list display settings, see Working with the item list.
Generally, the accounts on the chart of accounts are listed by type as follows:
- Balance Sheet Accounts: Assets, Liability, Equity
- Income Statement Accounts: Income and Expense
Further, the accounts are grouped in sections by business function (such as production, product lines, sales, administrative, and so forth).
If the Quantitative check box is selected for the account, the data recorded for the account include quantities along with amounts. For example, quantitative accounting is used for inventory.
If a check box in the Currency column is selected for the account, the amounts are recorded to the account not only in the accounting currency, but also in the transaction currency.
In FirstBIT ERP, specific GL accounts have dimensions to ensure that used for recording the amounts are recorded with the possible level of details. For example, the Current Trade Payables account has the following dimensions: Company, Contract. The balance of the account is presented as the structure of records: Company/Contract/ Amount. For example, for For inventory accounts — warehouses and itemsdimensions are Warehouses and Items. Warehouse as dimension is available only if the Use Multiple Warehouses option is selected on the Administration > Warehouses and Purchasing form.
The toolbar buttons
To add a new GL account to the chart of accounts, click the Create button on the toolbar. For details, refer to Adding a GL an Account to COA.
To edit an existing GL account double-click the line with the account in COA. You can also select the line, right-click it, and select Edit or click More actions > Edit on the toolbar.
Use the Fill in button to populate the chart of account in the following ways:
- By Default: from the default chart of accounts
- By Chart of Accounts: from the selected source
To view any transactions recorded to the selected GL account, click the General Ledger button – this opens the General Ledger with all the posted transactions.
If you need to perform other operations, refer to List Toolbar.anchor
See also
| Page Tree | _Toc44949555 |
|---|
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.
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.
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. which dimensions are available for the account depends on the selected COA section.
You can select the Turnovers Only check box for the dimension. If the Turnovers Only check box is selected, you cannot view account balance by this setting. For example, the "Income Item" extra 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 meaning.
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.
|