Defining Chart of Account Template - IRS Software

Defining Chart of Account Template

General Ledger > Account Group

  1. The Chart of Accounts presents the complete financial status of the company as well as the Financial Reports (Balance Sheet and Profit & Loss)
  2. Each company in different industries may use a different set of Chart of Accounts.
  3. Each company in different industries may use a different set of Chart of Accounts.
  4. Chart of Account Template is a master screen to set up templates for all company types assigned to different industries (e.g. Retail/ Food and Beverage/ Manufacturing/ Logistic, etc.)
  5. Therefore, you have 2 options for defining a Chart of Accounts: Select a pre-defined Chart of Account template or Define your own Chart of Account.

Note: The following figure shows a list of Chart of Account Template user(s) created.

General Ledger > Chart of Account Template (Add/Edit)

  1. User(s) are allowed to define their own Chart of Account Template as per their company’s or industry’s requirement.
  2. They may also use the Standard Template as a basis and build a new chart of the account by modifying it.

To Add/Edit Chart of Account Template

  1. 1. Choose General Ledger > Chart of Account Template.
  2. 2. Click Add/Edit.
  3. 3. Enter / Edit Code, Description, and Account no. Format and check on Account Group (Yellow field is Mandatory)
  4. 4. Click Save.

Note: Account Group checkbox is all checked by default setting.

General Ledger > Chart of Account Template (Delete)

  1. User(s) will always have the option to delete the unused Chart of Account Template.

To Delete Chart of Account Template

  1. 1. Choose General Ledger > Chart of Account Template.
  2. 2. Click Delete.
  3. 3. Press Yes or No.

Defining Chart of Account No.Range

  1. User(s) are allowed to define the Chart of Account No. Range.
  2. A Standard Chart of Accounts No. The range is organized according to a numerical, alphabets or alphanumeric
  3. Each Account Group/ Parent Account will categorize to begin and end with a certain number range.
  4. The Sub/ Child Account created will be within the number range.
  5. For an example, the user(s) can add Account no. the range of Account Group such as Fixed Asset. The example shows that they had predefined the Account no. range from 200-0000 to 200-9999 that shown below, If the user(s) created a Sub/ Child Account which is not within the predefined range, an error message will show “Account No. is out of range”.

Defining Chart of Account Detail

  1. User(s) are required to create Sub/ Child Account in Chart of Account Detail.

To Add Chart of Account Detail:

  1. 1. Choose General Ledger > Chart of Account Template.
  2. 2. Click Chart of Account Details as shown below.
  3. 3. Click Add to the Parent Account/ Sub Account (if want to further breakdown), may refer below.
  4. 4. Enter Account No., Description, 2nd Description, Choose Special Account Type, check on Cost Centre Required and Deny Journal Direct Post.
  5. 5. Click Save.

Note: Cost Centre required will disable for Balance Sheet Account Type.

To Edit Sub / Child Account

  1. 1. Choose General Ledger > Chart of Account Template.
  2. 2. Click Chart of Account Details as shown below.
  3. 3. Click Edit on the Sub Account.
  4. 4. Edit Account No., Description, 2nd Description, Choose Special Account Type, check on Cost Centre Required and Deny Journal Direct Post.
  5. 5. Click Save.

Note: Cost Centre required will disable for Balance Sheet Account Type.

To Delete Sub/ Child Account

  1. 1. Choose General Ledger > Chart of Account Template.
  2. 2. Click Chart of Account Details.
  3. 3. Click Delete on the Sub Account.
  4. 4. Press Yes/ No.

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