Sale Income Bank or Accounts receivable Purchase Expense Bank or Accounts payable Borrowing Bank Liabilities

Transcription

1 Chart f Accunts A chart f accunts is a list f all the accunts (categries) that is used t gather and recrd accunting data fr a business. Usually gathered tgether in t grups that represent types f accunting data. The system uses the fllwing grups: Grups included in a Balance Sheet Bank and Credit Card Accunts Fixed Asset Accunts (machinery, equipment, Intellectual prperty) Current Asset Accunts (Stcks, Accunts Receivable) Liability Accunts (Accunts Payable, Brrwings) Sharehlders Equity, LLP Member, Sle Traders Capital Accunts r Fund Accunts. Grups included in a Prfit and Lss Statement Incme Accunts (Sales and ther Incme) Expenses Accunts (Expenses) Miscellaneus Accunts All business financial transactins will have an impact in tw r mre accunts and accunting grups. This is cmmnly knwn as Duble Entry. Examples are: Affects Affects Sale Incme Bank r Accunts receivable Purchase Expense Bank r Accunts payable Brrwing Bank Liabilities These impacts are dealt with autmatically when a transactin is entered, except in the case f a jurnal entry where specific infrmatin is required. (See Using Jurnal Entry user guide). Setting up Yur Chart f Accunts An initial chart f accunts was selected when the new business was first set up. In the business details tab an accunts template was selected. A chart f accunts usually relevant t that type f business was set up. Adding new accunts r deleting existing accunts can further custmise this chart. Page 1 f 5

2 Viewing the Chart f Accunts All the accunts in the entity Chart f Accunts can be viewed via the Accunts menu. The full list is displayed by selecting View All; a filtered display f a particular accunts grup is available by selecting that grup. In additin tw ther ptins exist in the menu. Add frm Standard Accunts allws the additin f an accunt t the chart frm a system standard list. If an accunt is required that is nt available frm the standard list a custmised accunt can be created by using Add a Custm Accunt. See belw fr mre details n bth ptins. What is in the Accunts Display List? The Accunts display lists the all the accunts r the filtered list. The display prvides the Accunt Name, Accunt Type, P11D sectin letter and the Balance n the accunt. Fr P/L accunts the cumulative balance in the current financial perid is displayed. Page 2 f 5

3 A View buttn n the left will access the transactin register fr the selected accunt. The individual transactins can be viewed r edited depending n status. A printable PDF reprt can be accessed by clicking the PDF buttn. The date range will be the current financial perid. If a different date range is required g t the Accunts Analysis Reprt available under the Reprts menu. Reprtsà Transactinà Accunts Analysis Where it exists the Edit buttn n the right may allw the prfile f the accunt t be amended. The prfile f mst accunts has been pre-determined by the system r yur advisr and can nly be changed r amended by yur advisr If an accunt has been added as a custm accunt, then the user has full access t prfile maintenance. (see belw, Adding a custm accunt). Clicking n the icn places the accunt balance n the Hme page f the business. Click again t reverse. The Del Buttn allws fr an accunt t be deleted frm the Chart f Accunts fr the entity. It may nly deleted if there are n transactins asscaited with the accunt. Add frm Standard Accunts If an accunt yu require is nt available in the current Chart f Accunts, lk t see if that accunt is in the standard list and add it frm there. Accunts à Add Frm Standard Accunts A list f standard accunts available is shwn. Tick the Add bx n the right fr all thse accunts required. Click n Submit at the bttm f the page t add the accunts t the Chart f Accunts. Add a Custm Accunt and crss references If an accunt yu require is nt available in the current Chart f Accunts, r available frm the standard list a custm accunt can be created. Accunts à Add a Custm Accunt The Edit accunt details screen is shwn: As the accunt will be active leave the Active bx checked. Selecting Easy View ptin fr an accunt will display the balance f the accunt n the business hme page. Unselect t reverse. This is equivalent t clicking n the icn in the accunts display list and can be reversed in the same way. Name the accunt in Accunt Name, add a descriptin if required in the Descriptin bx. Select the Accunt Type frm the drp dwn bx. If yu are nt sure as t the accunt type, seek guidance frm yur advisr. Page 3 f 5

4 Select frm drp-dwn list if the accunt being created is a Sub-Accunt Of an existing accunt. N.B. expense accunts will autmatically be assigned t administratin csts if n value fr "Sub- Accunt Of" is specified. The TB Crss Reference field is used t relate t an alternative chart f accunts. Yu wuld nt nrmally enter a value here unless yur advisr has asked yu t. This field is useful if yur advisr has their wn standard chart f accunts defined fr generatin f statutry year-end accunts. An Imprt Crss Reference can be entered here and is used in cnjunctin with the Bill uplad prcess fr imprting supplier bill and credit nte data if required. See Bill Uplad Prcess user guide fr mre infrmatin Click the Submit buttn t cnfirm the accunt. If the accunt is an Expense accunt sme ther items exist, yu are strngly recmmended that yu cnsult yur advisr befre setting these parameters 1. A Default VAT rate may be selected 2. A VAT recverable flag can be set t nnrecverable. 3. P11D Classificatin allws expense items t appear n a P11D reprt if at the time as the transactin is entered an emplyee/directr is als selected. Certain ther accunt types have ther parameters that may be selected r entered. Fixed Asset Tangibles Althugh a number f pre-defined tangible fixed asset accunts exist a user may have custmised tangible fixed asset name and descriptin accunts. Create accunts as abve, selecting the Accunt Type as Fixed Assets-Tangibles. S fr example a user culd create a new fixed asset grup such as: - Page 4 f 5

5 Media Assets Media Assets Csts Media Assets Depreciatin Media Assets Revaluatin When an asset is added t the asset register the Accunts tab n the maintenance screen allws a user t define where the asset ledger accunting is recrded. Current Asset - Bank Accunts and Current Liability-Credit card The user can enter an pening balance and pening balance date, as well as cnfiguring fr electrnic statement uplads. Current Asset - Debtrs and Liability Current The user can add infrmatin n an emplyee lan and whether it is t be included in a P11D return. Again if yu are unsure n any item yu are recmmended t cnsult an advisr. Editing an Accunt Details The prfile details f many standard and all custm accunts can be amended. Frm the Accunt Display List Accuntsà All r a Particular Grup Click the Edit buttn adjacent and t the right f the relevant accunt and the Edit Accunt Details screen is displayed with the current accunt details. Page 5 f 5