Chart of Accounts

The basis of any accounting system is a chart of accounts, a list of general ledger accounts organized into categories. When you install Vantagepoint, you have access to a standard chart of accounts, which you can modify to suit the needs of your enterprise.

You can:

• Define account numbers
• Specify account ranges
• Add accounts
• Delete accounts
• Establish opening balances for each account that you plan to use

Set up your chart of accounts in Settings > General Ledger > Chart of Accounts.

As you use Vantagepoint, you enter and post transaction data that affects your account balances. Transaction processing types that affect your account balances include:

• Timesheets
• Expense reports
• Invoices
• Cash receipts and disbursements
• Journal entries
• Accounts payable vouchers and disbursements

With the data that you enter and post, you can generate a variety of reports that show the financial status of your enterprise. These reports include standard financial statements, such as a Balance Sheet and Income Statement, and supplemental reports and transaction logs. Some of these reports are designed to help accounting staff track the transactions you post. Other reports are designed to help senior management analyze the performance of the enterprise as a whole.