Add/Edit Chart of Accounts
This selection enables you to add or edit general ledger account numbers for each entity and department, in addition to entering monthly budgets for each account, and viewing the current balance.
ENTER THE ENTITY > <
Account numbers are made up of 3 parts - the entity, department, and account number. Example: 01.01.1234 The entities and departments should have already been defined in the Add/Edit Entities & Depts screen. In this screen, you will define the account numbers and link them to the entities and departments.
Enter the entity ID for which account numbers will be added or edited. The entity name will be automatically displayed.
Enter the department ID for which account numbers will be added or edited. The department name will be automatically displayed.
Enter the account number, which should consist of four characters. Example: 1001 If the account number already exists, the rest of the screen will be displayed, allowing you to edit from the modifications prompt. Suggestion: Define Asset accounts as 1000s, Liabilities as 2000s, Equity as 3000s, Revenues as 4000s, and Expenses as 5000s.
The balance of the account is automatically displayed and updated when amounts are posted against the account. Credit amounts are preceded by a minus sign.
Enter the name of the account. Example: ACCOUNTS RECEIVABLE
Enter the number corresponding with the type of account that is being defined. 1=Asset, 2=Liability, 3=Equity, 4=Revenue, 5=Expense The type selected will be automatically displayed.
Numeric entries in this field enable you to define the order in which the account will appear on financial statements, which will list numerically according to the print sequence number. The account number is the default.
Enter the budget amount for the month displayed on line 1. Continue entering budget amounts for each consecutive month, or press the RETURN key to exit this multi-value field.
The year and months of the current period are automatically displayed.