Setup/ Setting Up Chart Of Accounts

4.0. Chart Of Accounts Setup

Creating an Expense Account


Alert
STEPS:
  1. Click SETUP activity
  2. Click ACCOUNTS
  3. Click CHART OF ACCOUNT module
  4. Click NEW
    CODE enter EXP3301 
  5. Enter EXP as it is an expense account, and a unique number
  6. CATEGORY select EXPENSE 
  7. Select the appropriate category
  8. DESCRIPTION rename to Other Fee 
  9. Give a short description
  10. Click ADD
  11. Close the module 
  12. This is to save your changes.

Creating a Fixed Asset Account


Alert
STEPS:
  1. ​Click SETUP activity
  2. Click ACCOUNTS
  3. Click NEW 
    Now we can setup the actual fixed asset account
  4. CODE enter FAS0005 
    Enter FAS as it is an fixed asset, and a unique number
  5. CATEGORY select FIXED ASSETS 
  6. Select fixed asset.
    Notice that Dep. A/C appears. This is for you to link to the appropriate depreciation account.
    This system link is for the later report purpose.
  7. DESCRIPTION rename to YH1234A Give a short description
  8. DEP. A/C select FAS 1005 Acc Depn for YH1234A which you have setup earlier 
    Now you can see why you have the set the accumulated depreciation account prior to the fixed asset account.
  9. Click ADD
  10. Close the module 
  11. ​This is to save your changes.

Renaming a Bank Account


Alert
STEPS:
  1. ​Click SETUP activity
  2. Click ACCOUNTS
  3. Click CHART OF ACCOUNT module
  4. Select CAS1000 Bank 1
  5. Click EDIT
  6. CATEGORY BANK 
    This define the nature type for this chart of account
  7. DESCRIPTION rename to UOB 
  8. Give a short description
  9. CURRENCY SGD Singapore dollars 
    This defines the currency of this bank account.
  10. BANK INITIAL rename to UOB 
    Give a Bank initial for easy reference.
  11. Note that this will appear as an option with the currency in cheques setup.
  12. See Article Setting New Cheque Layout & Fine Tuning
  13. REMARK enter 123-45678-9 
  14. You may like to add further to your description.
    E.g. Account No.
    Note that both Description and Remark will appear in GL report.
  15. OPEN ITEM 
    This is a beta field for technical use.
  16. INACTIVE 
    Tick on this box only if you would like to discontinue using this Account.
    Note that ticking on it will not delete it from the list, but will make it unavailable for use during document transaction entry.
  17. CHEQUE SETTINGS
  18. PREFIX enter UOB
  19. NEXT CHEQUE NUMBER enter 300300 
    Assuming that you are cutting out cheque for this bank account, you can enter the cheque number here.
    Note that the system will run this cheque number automatically.
  20. Click UPDATE
  21. Close the module This is to save your changes.