Create Reporting Chart of Accounts – A summary of the activity

This activity allows you to create the reporting chart of accounts. A reporting chart of accounts Create Reporting Chart of Accounts – A summary of the activity you to interpret the important financial information of a company by logically grouping the various accounts in which postings have been made.  The structure of the reporting chart of accounts is created in a hierarchical manner. The structure of a reporting chart of accounts could be specific to a country, specific to an industry or it could be a multilevel structure. While creating the chart of accounts specific to a country, the name of the country is required. While creating multilevel reporting chart of accounts you can define the parent account for every defined account code. You can have “99” levels in the multilevel chart of accounts. A company can have multiple reporting chart of accounts which are identified by unique codes.

You can define reporting account codes for every reporting chart of accounts that is in the “Active” status. You can also define the parent account for every reporting account code and also indicate the level in which it is positioned in the reporting chart of account structure. This activity also allows you to map the reporting account codes and the operative account codes.

The reporting chart of accounts is created and then assigned to a company. This activity also allows you to assign the defined reporting chart of accounts to other companies. If you attach the chart of account, the company to which it is attached cannot modify it. If you have copied the chart of account, the company can modify the existing structure. However, a “Reporting Chart of Accounts” is not mandatory for a company.

Getting familiar with the pages inside

What you can do in this activity

Create reporting chart of accounts

Create reporting account codes

Attach account codes

Attach reporting chart of accounts to a company

Copy reporting chart of accounts to a company

Create reporting chart of accounts

“Reporting” chart of accounts is created to define reporting accounts, which are used to group various posting accounts in a logical method. A reporting chart of accounts is usually created and assigned to a company. There can be multiple reporting chart of accounts for a company.

•  Go to “Create Reporting Chart of Account ID” page.

•  Create a reporting chart of account ID.

Create reporting account codes

Reporting account codes are defined for each of the reporting chart of accounts ID. A reporting account code can be classified and categorized based on the financial statements for which it would be required. The currency in which the reporting must be made in the account must also be defined.

•  Go to “Create Reporting Chart of Accounts” page.

• Create the reporting account codes.

Attach account codes

Reporting account codes are created for the purpose of viewing the various transactions in a logical group. To view these transactions the reporting account codes must be mapped to the operative account codes.

•  Go to “Create Reporting Chart of Accounts” page.

• Search, retrieve and attach the operative account code to the selected reporting account code.

Attach reporting chart of accounts to a company

Reporting chart of accounts is created individually and then assigned to a company. This reporting chart of account can be attached to other companies. The company to which a chart of account has been attached cannot modify the details of the attached chart of account.

•  Go to “Attach Reporting Chart of Accounts” page.

• Attach the reporting chart of account to the selected company.

Copy reporting chart of accounts to a company

The reporting chart of account that has been created can also be copied to other companies. The companies to which the chart of account has been attached can modify the details of this chart of account by modifying the chart of account code or description or by adding a new reporting account to it.

• Go to “Copy Reporting Chart of Accounts” page.

• Copy the reporting chart of account to the selected company.