Setting Up Accounts

Open the Chart of Accounts form.

Specify this information:

Account

Specify the account number. The account number has a maximum length of 12 alpha-numeric characters.

(Description)

Specify a description to use to identify the account.

Account Type

Select an account type:

Asset: Anything owned by an individual or a business, which has commercial or exchange value. Assets may consist of specific property or claims against others, in contrast to obligations due others.
Expense: The amount of assets or services used during a period.
Liability: A loan, expense, or any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.
Owner's Equity: Total assets minus total liabilities.
Revenue: Inflow of assets from selling goods and providing services to customers; including the reduction of liabilities from selling goods and providing services to customers.
Statistical: Used for reporting only, and is not processed through the general ledger.
Analytical: Appears only if you have selected the Use Analytical Ledger check box on the General Parameters form. With this option, the Type's value will now default to "Analytical" and will not be updateable when adding a new account. You also have to be in a Site which reports to an Entity.
Allocation: Lets you allocate percentages of specific costs across multiple accounts. Use the Chart of Account Allocations form to define expense distribution. Add allocation accounts to the beginning or end of your Chart of Accounts so that they are easier to exclude from your financial statements by specifying a range of account numbers.

Effective Date

Select the date you want the account to become active.

Obsolete Date

Select the date when you want the account to become inactive.

Unit Code 1-4

For each field, select an option for the unit code:

No Access: The Unit 1 Reporting Unit field is not accessible, for this account, in the system. If this field is selected here from the drop-down box, Unit Code 1 will not be posted, not even the automatic posting programs will be posted.
Accessible: The Unit 1 Reporting Unit field is accessible, for this account, everywhere in the system. If this field is selected here from the drop-down box, users throughout the system are prompted to enter Unit Code 1 for the associated account.
Required: The Unit 1 Reporting Unit field is required, for this account, everywhere in the system. If this field is selected from the drop-down box, users throughout the system are required to enter Unit Code 1 for the associated account.

Exchange Rate Type

Select the Exchange Rate Type for this account: buying or selling.

Reports to Account

Different entities may use different Charts of Accounts. In order to consolidate the ledger information from one entity to another, this mapping from one Chart of Accounts to another must be specified. Enter the Reports To entity's account number that this account maps to so that this account may correctly roll its information up to the higher level entity.

Currency Translation Method

Select the method to use to translate currency:

None: If you do not want to use the Currency Translation Method and you want your financial statement to print in domestic currency.
Current: If you want to calculate the balance as listed in the None option and use the current exchange rate to translate and round to the corporate currency.
Spot: If you want to use the exchange rate that was in effect at the time the transaction was posted.
End: If you want to use the exchange rate from the end of the specified account period.
Average: If you want to use the same procedure as listed in the End option, but using the following formula to calculate the average exchange rate for each period:
Avg. Rate = SUM (Rate * Effective Time) / Length of Period

where Effective Time is the amount of time in seconds during which the rate was in effect during the period and Length of Period is also in seconds.

In the Chart of Account Dimension grid, select a dimension to attach to the account. A description is displayed. You can then use the Chart of Accounts Dimension Details form to view and export the attributes relating to this account and dimension.

Optionally, click Details to open the Chart of Accounts Dimension Details form, where you can view the attribute values for a selected account and dimension.

Optionally, click Dimensions to open the Chart of Accounts Dimensions form, where you can define dimensions and add or modify attributes for existing dimensions.

Select a Ledger dimension to attach to the account. A description is displayed.

Optionally, click Details to open the Ledger Dimension Details form, where you can view attributes and/or dimension analysis attributes of ledger rows for a specified dimension.

Save the record.