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.In Slovenia, a specific structure for the chart of accounts is required by law for fiscal and audit reporting, for example the general ledger extract named Izpis glavne knjige.
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.
You can define the local chart of accounts as accounting dimension 1, that is, as an account. Alternatively, using an accounting addition functionality, you can automatically add the local chart of accounts to one of the additional accounting dimensions. Translation options are provided for reporting purposes, assuming the currently used chart of accounts provides the granularity required for local reporting.
The requirements for the general ledger extract can be fulfilled using the M3 Ad Hoc Reporting tool from the Ad Hoc Reporting module and Microsoft® Excel® in M3. See Electronic audit files – Izpis glavne knjige.
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. |