Reviewing your Chart of Accounts

Overview

Based on your Business Type and Location a default Chart of Accounts will have been defined. Before setting up your Product Codes you should review the Sales Accounts. There will be 5 Sales Accounts “001” to “005” with a generic description of “Sales Account”. You will need to decide if these are adequate for your Business or whether some need to be added or removed. You may decide that a single Account “001” for Sales or Income is sufficient for your business or you may require a more detailed analysis, for example in the demonstration company the Income is broken down along sporting lines, Football, Rugby etc, this means that you can easily see the sales relating to these categories. To access the Chart of Accounts choose Accounts » Chart of Accounts. The following screen will appear.

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To Edit an existing Account simply highlight the row and press the Open Button.

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 To Edit an existing Account simply highlight the row and press the Open Button.

 

Account Group

The Chart of Accounts is broken into a number of pre-defined sections. For the purpose of setting up accounts for Invoicing these should be contained in the Sales Section.

Account Type

Based on the Account Group the Account Type will either display “Profit and Loss” or “Balance Sheet”.

Account Code

Based on the Account Group above the Account Code needs to be within a specified range of numbers, the Sales accounts must have a code between “000” and “109”.

Description

Simply enter in the Description of the account here, this may be a generic “Sales” or “Income” description or else something of a more specific nature for example “Sales of Accessories”.

Is This a Bank Account

This should only be ticked if the Account is a Bank Account, this should be ignored for Sales accounts used in Invoicing.

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