Chart of Accounts File: Difference between revisions

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[[image:ChartofAccounts_2011.jpg]]
[[image:ChartofAcounts.jpg]]


==Chart of Accounts==
===Chart of Account Attributes===


Chart of accounts is the screen where the master chart of account i.e. <b>General Ledger (GL)</b> and all the subsidiary chart of accounts are defined. The GL contains control accounts and these accounts cannot be posted into except for one account <b>Retained Earnings Brought Forward</b>. “Retained earnings” is an account used as a closing account for subsidiary ledgers of PL.
====Heading/Account Name====


Balances of all subsidiary ledgers are totalled into control accounts. In a company, the main ledger does not have a control account and this is usually the GL. You may have different main ledgers for different companies, as long as the company code is entered.  
Account name or account group heading.


Chart of Accounts screen can be used to create subsidiary ledgers and accounts
If account group heading, then accounts created below this heading need to be indented to indicate that they belong to this group heading.


===Steps to create a new ledger===
====Account Code====  
#Open Chart of Accounts screen under Menu>Finance>Ledger>Chart of Accounts File
 
#Enter a chart code using standard 4 letter NEOSYS code system [http://userwiki.neosys.com/index.php/Codes_in_NEOSYS Codes in NEOSYS]
Remember NEOSYS coding convention described in [[Using_NEOSYS_Generally#Codes_in_NEOSYS | Codes in NEOSYS]]
#Enter the chart name
 
#Enter company code if this ledger is specifically linked to a company (if there are more than one companies in the installation)
====Main Currency====
#Enter control account to which the new ledger will be a subsidiary. Control account codes can be obtained by referring to the GL chart
 
#Choose whether account is Open type or Balance forward. Accounts which have to show outstanding balances must be set as Open Item else set to Balance forward.
Set default currency used in journal entry and if changed by the user, the user will be warned.
#Choose whether outstanding must be shown as debits or credits. E.g. Asset ledgers like Trade debtors should be debit since unpaid client invoices are debits, liability ledgers like Trade creditors should be credit since unpaid supplier invoices are credits
 
#If the ledger is a PL account then add the Retained Earnings account code in the closing account code field
====Tax Code====
#Save the chart
 
Set the default tax code to be used on schedule files, estimate files, PO files and in journal entry.
 
====Summary====
 
Select Yes to omit subsidiary charts from the top level GL Trial Balance report. Refer to [[Showing_subsidiary_charts_in_the_main_trial_balance | subsidiary charts in the main trial balance]]
 
====Original A/c Code====
 
(TODO 13/9/18)
 
====Closing A/c Code====
 
Used to declare which closing account the closing balance of that account will be transferred to at the end of the year.

Latest revision as of 13:08, 13 August 2018

ChartofAcounts.jpg

Chart of Account Attributes

Heading/Account Name

Account name or account group heading.

If account group heading, then accounts created below this heading need to be indented to indicate that they belong to this group heading.

Account Code

Remember NEOSYS coding convention described in Codes in NEOSYS

Main Currency

Set default currency used in journal entry and if changed by the user, the user will be warned.

Tax Code

Set the default tax code to be used on schedule files, estimate files, PO files and in journal entry.

Summary

Select Yes to omit subsidiary charts from the top level GL Trial Balance report. Refer to subsidiary charts in the main trial balance

Original A/c Code

(TODO 13/9/18)

Closing A/c Code

Used to declare which closing account the closing balance of that account will be transferred to at the end of the year.

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