Chart of Accounts Settings
When you set up accounts, you specify account numbers and names, set the status and type, and establish account groups.
In Chart of Accounts Settings, you can do the following:
- Add accounts and modify existing accounts.
- Define system default accounts and assign accounts to an account range. For example, you can add a new account called Equipment and make it an Asset type account.
- Modify existing account information.
- Delete unnecessary accounts.
Account Ranges
Use these guidelines for account ranges:
- Asset, Liability, and Net Worth accounts display on the Balance Sheet. All other account classes display on the Income Statement.
- Accounts entered in the 800.00 - 999.99 range should be your revenue and expenses that are unrelated to your normal operations. These accounts display after the operating profit and loss on the Income Statement because they fall below the bottom line.
- The Billing application and the Project Budget Worksheet recognize Reimbursable Consultant accounts within the 500.00 to 519.99 range. In addition, the Project Budget Worksheet recognizes Direct Consultant accounts within the 600.00 to 619.99 range.
Multiple Companies
If you use multiple companies, you establish the chart of accounts structure and a set of global accounts available to all companies at the enterprise level. You can add new accounts only if you belong to a security role with access to all companies.
By default each account that you create is unavailable to any company, including the active company, until you specify access rights for it. Therefore, you must specify company access for each account that you create. Use the General tab of the Accounts form to complete one of the following actions:
- Select Available to All Companies to make the account available globally.
- Click Insert on the Company Access grid and specify the companies in the enterprise that may access the account record.
Multiple Currencies
If you use multiple currencies, each account set up for use as a bank account (via Banks Settings) must have a currency. If an account has a currency specified that is different from the company's functional currency, the account is considered a foreign denominated account.