Modifying operative chart of accounts
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This page allows you to search and select the account code for modification. Tell me more.
Select the “Edit Operative Chart of Accounts” link under the “Accounting Setup” business component.
The “Edit Operative Chart of Accounts” page appears.
Enter the following field:
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Chart of Accounts ID |
Use the drop-down list box to select the code identifying the chart of accounts ID for which you want to modify the account details All the chart of accounts ID that have been defined in the login company and that have been copied to the login company will be available for selection in the ascending order. |
The system displays the following:
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Description |
The textual description of the chart of accounts ID. |
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Zoom facility available | |
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Status |
The status of the chart of accounts ID. It must be “Active”. |
Enter the following fields in the “Search Criteria” group box to search for the account codes that you want to modify:
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Account Code From |
The starting account code in the range of codes identifying the accounts that you want to retrieve (Alphanumeric, 32). The system retrieves all the account codes that are similar to the value entered in this field based on the selected chart of accounts ID. |
Note: The code entered in this field must be before the code entered in the “Account Code To” field.
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Account Code To |
The ending account code in the range of codes identifying the accounts that you want to retrieve (Alphanumeric, 32). The system retrieves all the account codes that are similar to the value entered in this field based on the selected chart of accounts ID. |
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Currency |
Use the drop-down list box to select the code identifying the currency in which the postings must be made in the account. All the currencies that have been assigned to the company will be available for selection in the ascending order. The system displays the base currency of the company by default at the launch of the page. |
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Description |
The textual description of the account (Alphanumeric, 40). You can enter the description in full or specify it partially using the “*” character. The system retrieves all the account codes that have descriptions similar to the value entered here. |
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Account Group |
Use the drop-down list box to select the group to which the account that you want to retrieve belongs. You can select from “Assets”, “Liability”, “Capital”, “Revenue” or “Expenses”. The system displays “Blank” by default at the launch of the page. |
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Control Account Type |
Use the drop-down list box to select the type of control account to which the account that you want to retrieve belongs. You can select from “Supplier Payable”, “Supplier Prepayment”, “Supplier Deposit”, “Customer Receivable”, “Customer Prepayment”, “Customer Deposit”, “Bank Cash PTT”, “Input VAT”, “Output VAT”, “Asset Account”, “Depreciation Account”, “Revalued Depreciation Account”, “Cumulative Depreciation Account”, “Revalued Cumulative Depreciation Account”, “Revaluation Reserve Account”, “Loss on Revaluation Account”, “Gain on Revaluation Account”, “Capital WIP” or “Revaluation Asset”. The system displays “Blank” by default at the launch of the page. |
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Automatic Posting Account Type |
Use the drop-down list box to select the type of automatic posting account to which the operative account that you want to retrieve belongs. You can select from “Cost of Goods Sold Suspense Account”, "Consignment Stock in Transit Account", “Fixed Asset Suspense Account”, “Freight Control Account”, “Gain on Sale of Asset Account”, “Inter Customer Transfer Account”, “Inter Supplier Transfer Account”, “Item Variance Account”, “Loss on Sale of Asset Account”, “Purchase Stock in Transit Account”, “Purchase Suspense Account”, “Residual Write Off Account”, “Retained Earnings Account”, “Rounding Off Account”, “Sales Stock in Transit Account”, “Scrap Account”, “Stock Suspense Account”, "Stock Transfer SIT Account", “Supplier Suspense Account”, “Trading Stock Account”, or “WIP Adjustment Account”. The system displays blank by default at the launch of the page. |
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Layout Heading |
Use the drop-down list box to select the layout heading to which the account that you want to retrieve has been mapped. These layout headings lead to form the various financial statements for the company. The system displays “Blank” by default at the launch of the page. |
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Account Classification |
Use the drop-down list box to select the category to which the account that you want to retrieve belongs. You can select from “Balance Sheet”, “Income Statement” or “Retained Earnings”. The system displays “Blank” by default at the launch of the page. |
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Consolidation Account Code |
The code identifying the account into which the consolidation of the accounts takes place (Alphanumeric, 32). |
Click the “Search” pushbutton to retrieve the search results.
The system retrieves the following in the “Search Results” multiline based on the search criteria entered:
Note: The system retrieves the account codes that are in the “Active” status for modification.
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Account Code |
The code identifying the account for which you want to modify the details. |
Modify the following if required in the “Search Results” multiline:
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Description |
The textual description of the account (Alphanumeric, 40). Mandatory. |
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Currency |
Use the drop-down list box to select the code identifying the currency in which the postings must be made in the account. All the currencies that have been assigned to the company will be available for selection in the ascending order. The system displays the base currency of the company by default at the launch of the page. |
Note: You cannot modify the currency if the account has been mapped to a reporting account. The account currency can be modified if the currency of the reporting account is the base currency of the company.
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Account Group |
Use the drop-down list box to select the group to which the account belongs. You can select from “Assets”, “Liability”, “Capital”, “Revenue” and “Expenditure”. |
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Account Classification |
Use the drop-down list box to select the category to which the account belongs. You can select from “Balance Sheet”, “Income Statement” or “Retained Earnings”. |
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Control Account Type |
Use the drop-down list box to select the type of control account to which the account belongs. You can select from “Supplier Payable”, “Supplier Prepayment”, “Supplier Deposit”, “Customer Receivable”, “Customer Prepayment”, “Customer Deposit”, “Bank Cash PTT”, “Input VAT”, “Output VAT”, “Asset Account”, “Depreciation Account”, “Revalued Depreciation Account”, “Cumulative Depreciation Account”, “Revalued Cumulative Depreciation Account”, “Revaluation Reserve Account”, “Loss on Revaluation Account”, “Gain on Revaluation Account”, “Capital WIP” or “Revaluation Asset”. The system displays “Blank” by default at the launch of the page. |
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Automatic Posting Account Type |
Use the drop-down list box to set the type of automatic posting account to which the account belongs. You can select from “Cost of Goods Sold Suspense Account”, “Fixed Asset Suspense Account”, “Freight Control Account”, “Gain on Sale of Asset Account”, “Inter Customer Transfer Account”, “Inter Supplier Transfer Account”, “Item Variance Account”, “Loss on Sale of Asset Account”, “Purchase Stock in Transit Account”, “Purchase Suspense Account”, “Residual Write Off Account”, “Rounding Off Account”, “Sales Stock in Transit Account”, “Scrap Account”, “Stock Suspense Account”, “Supplier Suspense Account”, “Trading Stock Account”, “WIP Adjustment Account” or “Retained Earnings Account”. The system displays “Blank” by default at the launch of the page. |
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Effective Period From |
The starting date from which the account is effective (Date Format). This field must not be left blank if a value is entered in the “Effective Period To” field. |
Note: This date can be modified if the account code has not been mapped to an account rule. If it has been mapped to an account rule, the date can be modified if the effective date of the account rule is the same or before the modified account code date.
The date entered in this field must be before the date entered in the “Effective Period To” field.
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Effective Period To |
The ending date till which the account is effective (Date Format). The date entered in this field must not be before the system date. |
Note: This date can be modified if the account code has not been mapped to an account rule. If it has been mapped to an account rule, the date can be modified if the effective date of the account rule is the same or before the modified account code date.
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Consolidation Account Code |
The code identifying the account into which the consolidation of the accounts takes place (Alphanumeric, 32). This account must be effective during the same period as that of the account that is being defined. |
Note: The “Account Group” to which the “Account Code” and the “Consolidation Account Code” belong must be the same.
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Layout Heading |
Use the drop-down list box to select the layout heading to which the account must be mapped. These layout headings lead to form the various financial statements for the company. The system displays “Blank” by default at the launch of the page. |
Note: An account must be mapped to a layout heading.
The system displays the following:
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Status |
The status of the account. It must be “Active”. |
Check the box in the “Select” column of the multiline to mark account codes for attaching or copying to another company.
Click the “Edit Account Code” pushbutton to save the modifications made to the account codes.
The system saves the modifications made to the account codes. The system also updates the modifications made to the companies to which this chart of account has been mapped.
Note: If the parameter “Auto Attach Account Codes to Posting Finance Book” is set to “Yes” at the company level, the system updates all the account codes to all the “Posting Finance Books” defined in the login company. If the parameter has been set to “No” the account codes must be updated to the various “Posting Finance Books” manually.
To proceed, carry out the following
Select the “Attach Account Code to Company” link at the bottom of the page to attach the account codes to a company.
Select the "Attach Notes" link at the bottom of the page to record your observations.
Modifying operative chart of accounts – An overview
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You can carry out a search by specifying a range of account codes for the selected chart of accounts ID. You can also search by using the code identifying the currency in which the financial postings are made in the account, the description of the account and the code identifying the account in which the consolidation of the account that you want to retrieve takes place. The system retrieves all the “Active” account codes based on the search criteria entered.
You can modify all the details of the account code except its unique code. The system saves all the modifications that have been made and also updates the same to the various companies to which the chart of accounts has been attached.
Search and retrieve account codes
Search and retrieve account codes
You can search and retrieve account codes for the details have to be modified. Based on the selected chart of accounts selected, you can carry out a search to retrieve the account codes.
Select the chart of accounts for which you want to retrieve the account codes in the “Chart of Accounts ID” field.
Enter the fields in the “Search Criteria” group box.
Click the “Search” pushbutton to retrieve the account codes.
The system retrieves all the account codes that are in the “Active” status based on the search criteria entered.
You can set the group to which the account must belong. An account is grouped based on its attribute. You can group an account as “Assets”, “Liability”, “Capital”, “Revenue” or “Expenditure”.
Set the “Account Group” field to “Assets” to set the account as an “Asset” account.
Set the “Account Group” field to “Liability” to set the account as a “Liability” account.
Set the “Account Group” field to “Capital” to set the account as a “Capital” account.
Set the “Account Group” field to “Revenue” to set the account as a “Revenue” account.
Set the “Account Group” field to “Expenditure” to set the account as an “Expenditure” account.
You can classify the account for any of the financial statements. The details of the account will appear in the selected financial statement. You can classify an account as “Balance Sheet”, “Income Statement”, or “Retained Earnings”.
Set the “Account Classification” field to “Balance Sheet” to classify the account as a “Balance Sheet” account.
Set the “Account Classification” field to “Income Statement” to classify the account as an “Income Statement” account.
Set the “Account Classification” field to “Retained Earnings” to classify the account as a “Retained Earnings” account.
