Setting up Chart of Accounts

Account Code

The account code uniquely identifies the ledger account. To create a new account, enter a code within the logical range of codes for the appropriate type of account, according to your chart of accounts coding structure.

Lookup Code

A lookup code can be used to find a record, as an alternative to the record code. It is often set to a shortened version of the description. It is particularly useful if a record is often referred to using different codes. For example, the Chart of Accounts code for Fuel Expenses is 75201 and the Lookup Code is set to FUELEXP.

Description

This is the name or description for this account. It is used to identify the account on reports and inquiries.

Short Heading

The Short Heading is a shortened version of the account description to be used instead of the full name where space is limited. If you leave this blank it defaults to the first characters of the account description.