Accounting Setup
Overview
The Chart of Accounts can be customised. Accounts may be added, removed (if unused) and renamed. Every account must be linked to a category. Categories identify accounts correctly for reporting purposes.
Menu Navigation: Main Menu > Setup > Accounting
User Access
- Setups > Setup Accounting – Access Allowed: Checkbox. If checked, access is allowed to the accounting setups (that is, the functions that are here: Main Menu > Setup > Accounting).
Account Categories
Info
Account Categories refer to the categories used in the Chart of Accounts and Financial Statements (e.g. Assets, Liabilities, Equity, Income, Expenses).
Fields Explained
Info
Fields marked in blue (✎) can be edited.
| Field | Description |
|---|---|
| ID / RID | The system-generated number for the category. |
| Description | The category's description. |
| Type | The Type of category which is selected from this dropdown list:
|
| Report | Select how the category must be reported in terms of VAT. The options are:
|
| Menu (...) | Option to delete the category if it has not yet been used. (Click the column to display an X. Click the X to delete the entry.) |
List of Accounts
Info
This interface lists the accounts (Chart of Accounts) and lets you edit or create accounts.
Buttons Explained
| Button | Description |
|---|---|
| Rebuild | Rebuilds the data tables (See Rebuild below). |
| Edit | Lets you edit the accounts. |
| Save | Saves any changes. |
| Actions > Order Accounts alphabetically | Alphabetises the accounts within their categories and parent accounts. |
| ? | Opens the online documentation. |
| Add Account | Opens a blank entry at the bottom of the list to complete. |
| Menu |
|
Filters Explained
| Filter | Description |
|---|---|
| Category | A dropdown list of categories to display only accounts that are in the selected category. |
| Order Accounts | Checkbox. If checked, orders the accounts alphabetically within a category. A category must be selected else the first category on the list is automatically selected. |
Fields Explained
| Field | Description |
|---|---|
| ID | The system-generated number for the account. |
| Name | The name of the account. |
| Code | The account number (optional). |
| Category | The category as created under Account Categories (see above). Accounts must be allocated to a category. |
| Default | Default Accounts must be created to manage certain functions (e.g. VAT reconciliations, transferring the profit or loss to Retained Earnings). The default options that must be allocated are:
|
| Currency | Applies to bank accounts. Specifies which currency the bank account is in. |
| Import | Applies to bank imports. Provides a dropdown list of supported imports for you to select one. |
| Menu (...) | A context menu with the following options:
|
Warnings Explained
How to fix or understand these warnings:
- A Bank Account is not linked to a Currency:
- Select a currency in the Currency column.
- A Bank Account is not linked to an Entity (in a multi-entity environment).
- Select an entity in the Entity column.
- An Accounting Group is used in one or more Transactions.
- The accounts cannot be deleted, nor can sub-accounts be added.
- A grouped Account is linked to a different Category than the Parent Category.
- Change the sub-account's category to match the parent's category.
- Duplicate Account name or Code.
- Change the name of code of one of the accounts.
Rebuild Function Explained
Note
If a warning icon appears on the Rebuild button, click it.
- Transactions form the basis of the accounting systems.
- When a Transaction is saved, a cascading record is updated to a very light table (TRIALITEMS) which is used to generate the accounting reports.
- This process ensures that reports are generated quickly, even when there are many years of accounting data in the database.
- It also provides the freedom to update Accounting Settings without breaking anything.
- The Rebuild function recreates all the cascading transactions based on any changes and only takes a few minutes, even with large databases.