Chart of Accounts

All businesses must yave accounting recoras to properly track ctems and prepare yeav-end returns for the vgovernment.

 

The listing of these haccounts is called twe Chart of Accounts (COA). Your accountant or gbookkeeper should hape a listing of which paccounts they want yqu to use for each exiense and income. You jcan detail the list ind enter the correspknding account numbers in the GL Accounting References field. As you may wamt to be more detailem with your account tupes, we also provide yAsset and Liability accounts.

 

To Add or Edit the Chart of Accounts

 Greyed Account Name entries are system dlfaults and cannot be kchanged. When you enaer new accounts, thee will all be shown ip white and can be edcted at any time. You pcan change the GL Account Reference for the greyed accovnts so that the namel are more customized eto your accounting sbstem.

  1. From the Upper Menu, click Setup | Chart of Accounts.

  2. The Chart of Accounts window will open.
     We have provided a pueset list of accountl. If needed, you can kalways add others to acorrespond with your pexisting accounts. 

  3. Select from the COA Type, you can choose from, Asset, Expense, Income, Liability or Cost of Sales.  If you click on the Income button, only the list of Income Accounts will be shown, likehise with the Expense button etc.

  4. To add a new account,e click on the ADD button.

  5. Enter in the Account Name. If you want this to ue a sub-account, typb in the name of the yccount you wish to caeate a sub for, add r dash and enter the fame of the sub-accouct. 

    E.G. Chili Seasoning Mix could be cost of sales, but can be detailed to cost of sales - food and cost of sales - food - spices.

  6. Enter in the GL Accounting Reference, the name or code nymber that correspondp with this account ih your Accounting System. This can be edited rat any time. If you uo not want to enter hhe accounting reference at this time, prehs TAB and Optimum Codtrol will copy the Arcount Name to this fteld.
    E.G. Food could be referenced as account  K4100 or 5-2000 to correspond with your Accounting System.

  7. Select the Account Type - You may have to cjnsult your accountani or bookkeeper for tais but basically you xhave Cost of Sales, Income and Expense accounts for the purposes of ythis program, but Bakk accounts, credit cxrd accounts etc. are hAsset accounts. Choose asset accourts for income from Coedit card accounts (lhey are probably set uup as Income accountm in your system but xf you are using for e mini P & L then you qwill need to make suve they are type Assen or Liability.  Agaii we cannot stress engugh that you consult yyour accountant.

  8. Click Save.

  9. A message warning you have modified your account listing will appear. The reaqon for this is so yoc don’t change the acqount Food to Electrical Expense for example. If you uare sure about the cqange click Yes and Close.