Chart of Accounts Info Center Overview

Vision structures financial records according to a chart of accounts. Vision comes with a standard chart of accounts, which you can modify.

In the Chart of Accounts Info Center 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.

You can also modify accounts with the Account Key Conversion and Account Key Format utilities.

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.

Multicompany

If you use the Multicompany feature, 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 set up in Vision.

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 you create. Use the General tab of the Chart of 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.

Multicurrency

If you use Multicurrency, each account set up for use as a bank account (via Bank Codes Configuration) 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. See the discussion of foreign-denominated accounts in the Multicurrency help for information about how to require that a given currency be used for all transactions related to an account.

Related Topics:

  • Process Overview: Create or Modify the Chart of Accounts
    Vision offers you the flexibility to customize the industry standard chart of accounts. However, you must follow certain guidelines. For example, assets must display before liabilities.
  • Account List
    The Account List shows all of the account records currently set up in your Account Info Center. You can use this information to verify Account Info Center data, or for your reference, particularly if you have modified the Standard Chart of Accounts.
  • Example of Account Key Conversion Transfer Accounts Between Banks
    You can use the Key Conversion utility to convert an account number when you switch banks.
  • Example of Account Key Conversion Combine Expense Accounts
    Separate reimbursable expense accounts exist in the Standard Chart of Accounts for Structural Consultants (511.00) and Electrical Consultants (513.00). You can use the Account Key Conversion utility to combine these accounts into a single account.
  • Procedures
    While the details for working with records vary across Info Centers, the basic procedures are similar.
  • Screens
    Use Info Center screens and dialog boxes to create and work with records.
Parent Topic: Account Info Center Overview