Setting up Chart of Accounts

You can create a new chart of accounts code at any time. You use the Chart of Accounts (COA) function to define all six types of account - Balance Sheet, P&L, Debtors/Receivables, Creditors/Payables, Client, or Memo accounts.

Customer, supplier and client accounts

If you are adding a debtor/receivables, creditor/payables or client account you should use Customers (CUS) or Supplier (SUS) to create the chart of accounts code and define all of the other customer/supplier related details required e.g. payment terms, tax requirements, order entry details and so on. Using Customers or Supplier ensures that the debtor/receivables, creditor/payables and client chart of account codes are linked to a customer or supplier.

If you do choose to create a debtor/receivables, creditor/payables or client account using Chart of Accounts, you must reference the account code on the appropriate customer or supplier details using Customers or Supplier as a separate step.

Note:  If a debtor/receivables, creditor/payables or client account is not linked to a customer or supplier, the payment and discount terms will not be available to the Transaction Matching function which may result in matching discrepancies.

The Chart of Accounts form contains these tabs:

  • General
  • Account Analysis
  • Transaction Analysis
  • Currency
  • Withholding Tax
  • Audit Data
  • Agency/Broker