Chart of accounts (COA)
Requirement
Financial reporting and accounting for any business depends on a well-structured chart of accounts, so that collecting large volumes of accounting data can efficiently reflect the performance and position of a specific business.M3 solution
An account coding string of seven accounting dimensions, each of ten characters, is supported by the general ledger in M3. The first dimension is defined as the chart of accounts. The remaining six dimensions or identities that are stored from the specified coding string can be used to further analyze the dimension-1 account.
Electronic charts of accounts are provided. Account translation can be done from the global chart of accounts to the legal chart of accounts. See Electronic audit files – LCE.
Configuration guidelines
| Program ID | Program name | Description or comment |
|---|---|---|
| CRS633 | Account Group. Open | Connection to accounting identities of the dimension 1. |
| CRS630 | Accounting Identity. Open |
Dimension 1 – Definition and naming conventions and rules. Each of the seven identities is ten characters long. You can use logical coding:
On the E panel, select the applicable check boxes for the accounts. |