This form is available if the Land and Buildings Accounting option is selected on the Administration > Settings > General Settings form.
To open this form, go to the Accounting > Master Data > Land and Buildings form.
7.1.4.1. Land and Buildings. GL Accounts
This form is available if the Land and Buildings Accounting option is selected on the Administration > Settings > General Settings form.
To open this form, click the Land and Buildings GL Accounts link on the Accounting > Master Data > Land and Buildings form.
The list includes all sets of default GL accounts that are used for land parcels and buildings of the company in your application.
The Land and Buildings list. Default GL accounts
This list includes all the default accounts that are used for land parcels and buildings. The settings are flexible. You can choose to use the same default GL accounts for all land parcels and buildings, or separate sets of GL accounts for land parcels and buildings of all entities, or you can set up specific sets of default accounts for buildings of specific entities, or you can assign specific sets of accounts to particular land parcels or buildings.
For example, on the screenshot above, a single predefined set of default accounts is intended for land parcels and buildings of all entities. The GL accounts that will be used for any land parcel or building of any entity are listed in the table's rows with no entity name in the Entity column.
When you post a transaction associated with a particular asset, the program will use the default accounts as follows:
- From a specific set of accounts defined for this particular land parcel or building if there is such a set.
- From a specific set of accounts defined for the group to which this particular land parcel or building belongs if there is such a set.
- From a specific set of accounts assigned to land parcel or building of the entity to which this asset belongs if there is such a set.
- From the default set of default accounts initially intended for all assets (land parcels or buildings) of all entities.
See also
7.1.4.1.1. Adding the Land or Building. Default GL accounts
Default GL accounts for the land and buildings are predefined; however, you can select another accounts for assets of a particular entity, or particular group of such assets, or for particular land parcels and buildings.
All fields in the form are required, except for the Entity and Land/Building.
The "Land and buildings (create)" form. GL accounts
The Entity field is not the required one. You can select an entity if you are creating a set of default account for the particular entity's assets.
You can leave the Land/Building field empty if you are creating a set of default account for all the assets of this type. Otherwise, you can select a group of land parcels or a group of buildings or a particular asset.
In the GL Account field, select a GL account to be used to register the costs of the selected assets or asset.
The account selected in the Sales Revenue field is intended for the land/building sales profits.
In the Cost of Goods Sold field, you can select an account to be used for recording the cost of the assets sold during the current accounting period.
The Output VAT field is intended for account to which the value-added tax received on sales of land/buildings to customers will be recorded.
The Input VAT field is used for specifying the account to which the value-added tax payable to suppliers on purchases of land/buildings will be recorded.
The toolbar buttons
Click Save and Close to save the set of default accounts or changes to such set. Click Close to close the form without saving.
7.2. Working with the Chart of Accounts
A chart of accounts is a list of accounts that your company uses to record the transactions in its General Ledger.
In FirstBIT ERP, you can use the default chart of accounts (COA). If needed, you can edit the default COA to make it best suit the company's need by adding new accounts or removing any unneeded accounts.