This screen holds the Chart of Accounts Masterfile. The screen is found in General Ledger > Chart of Accounts.
The Account Codes are numerical. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique to allow its ledger to be located. The list is typically arranged in the order of the customary appearance of accounts in the financial statements, profit and loss accounts followed by balance sheet accounts. This allows users to add and view general ledger codes.
Creating a Chart of Accounts
By clicking the Add button or typing A will place the cursor in the input screen in Add Mode.
|
Field Name |
Description |
Validation |
Default |
|
Account Number |
This is the account number of the General Ledger Code you wish to create. Account numbers are categorised in the following number sequences: 1000 – 1799 = Current Assets 1800 – 1899 = Fixed Assets 1900 – 1999 = Intangible Assets 2000 – 2299 = Current Liabilities 2300 – 2799 = Disbursement Liabilities 2800 – 2999 = Long Term Liabilities 3000 – 3999 = Capital 4000 – 4999 = Income 6000 – 9999 = Expenses O Please Note: If you are adding an account type of Disbursement Liabilities, for example FREIGHT, the system automatically adds the corresponding Income Account Type (+2000) E.g.: Account Number 2310 – FREIGHT – CUR LIABILITIES Account Number 4310 – INCOME – FREIGHT – INCOME |
Mandatory |
Blank |
|
Account Type |
This is the Type of account. As per above, based on the number you enter, will display the above types. Display only |
N/A |
Based on Account Number |
|
Description |
This is the full description of the General Ledger Code. This will appear on invoices, balances sheets etc… |
Mandatory |
Blank |
|
Group Heading |
This defaults to the same as the description, this is used to group the accounts when printing out Profit and Loss and Balance Sheets |
Mandatory |
Blank |
|
BAS Indicator |
This allows you to categorise this into Capital or Other, or No if it is not a BAS Indicator |
N/A |
Blank |
|
FXC Indicator |
This indicates whether this General Ledger code can be used when billing in Foreign Currency |
N/A |
“N” |
|
Active Account |
Set the active status on this General Ledger Code, setting this to active will allow users to utilised this code immediately |
N/A |
“Y” |
|
FXC Variation Acct |
This is used to portion money to Foreign Currency Variation Account Code. This is used in the Foreign Contra Payment / Receipt Program. |
N/A |
Blank |
|
No Mark Up Allowed (only if Exp Cost turned on) |
This is used to remove the ability for users to alter the Expected Cost when Billing. During the billing process if the Charge Code has this set to YES then the Expected Cost will default to the Local Amount representing No Profit. This is used for Charge Codes where not profit is taken up like Duty and GST. |
N/A |
Blank |
|
Revenue Group |
This refers to which revenue stream this is to be assigned to, either Customs or Freight Forwarding. This is only used for Revenue Codes |
Mandatory for Revenue Codes only |
Blank |
|
Sub Revenue Group |
Sub Revenue Group is for reporting purposes and allows you to group code within the revenue group. For example, you can group Freight Forwarding Revenue Groups into Sub Revenue group such as Agency, Cartage, Disbursements |
Mandatory for Revenue Codes only |
Blank |