How to use Chart Accounts

Resolution:
In the Chart of accounts there is a list of all accounts in the finance system.

• Views: There is the option of seeing the Chart of accounts in different views
• General ledger balance view: 
  • Shows all accounts with a debit and credit balance column. The period can be adjusted in the date period fields.
• Setup - all settings: this view allows the adjustment of different settings related to each account as well as allowing the creation of new accounts.
• Column description:
  • Account number Account number must be unique. Can contain all signs including numbers, letters etc. Are used as reference on financial postings. Can be changed via dedicated icons.
  • Account name Text which can be changed whenever desired.
  • Account type Account type cannot be changed once there are postings on the account
  • Sum from account When account type is 3 - Sum from account from where accounts are summarized can be defined.
  • Act. VAT code The activities VAT code represents one side or one dimension in the WorkBook VAT setup (the other one being Debtor/Creditor VAT - see VAT setup document). The activity VAT code is defined on each finance account and determines the handling of VAT deduction.
  • Automatic
    • Automatic is a setting which prevents users from posting manually on a finance account. The system requires certain accounts used in the finance setup to be Automatic - otherwise a general system setup error occurs which prevents all posting in the system.
    • Other accounts can voluntarily be set to Automatic to prevent manually posting. If manual posting for some reason is required on an Automatic account it is recommended to do so with the aid of basic setting 484 (must be done by an administrator - value changes back to not allowed automatically):
  • Use in creditor invoice handling Enable a specific account to appear when you are entering vouchers (supplier invoices) in the system. Enable the account to appear by clicking in the sidebar under Voucher approval.
  • Approvals done by At the same time you are able to set a specific employee to approve all vouchers that are posted to that particular account. Select the employee from the list. Use this to ensure that e.g.. all IT hardware purchases are approved by IT responsible or all Staff related costs are approved by the HR responsible.
  • Use in finance budgeting Defines if an account should be represented in the finance budget.
  • Posting column A setting only related to the finance budget i.e. which sign should be proposed when entering amounts to the finance budget.
  • Line no. sorting Controls in which order an account is presented in reports and online views.Must be unique - otherwise a general system setup error is raised.
  • Indentation Controls how much space an account should visually have in the Chart of Accounts.
  • Line feed Controls the line feed in Statement of accounts reports.
  • Line style Controls the line style in Statement of accounts reports.
  • Force page break after this account Controls a forced page break Statement of accounts reports.
• Search:
  • Use the search field to search for a specific account. Search by name or number
• The account properties:
  • In the account properties you have different options. You can open the properties with this icon
• Account settings:
  • Clicking on the Account number makes visible an icon end clicking on this displays the sidebar view of an account. In this view, change various settings as well as changing the number and name of an account.
  • Deleting an account is only possible if there are no postings on it. Use the option to Block an account instead.
• Account statement:
  • In the Account statement you see all transactions related to the account.
• Change Log:
  • In the change log all changes are logged.
• Change account type with a balance on the account:    
  • To change an account with a balance on it you need to follow these steps:   

1. Change the account name of the old account
2. Create a new account with the correct account type, name and number (Accounts can't have a doublet number)
3. Move the post (either as the balance or the individually post on the account) from the old account to the new in the general ledger. To keep the history on the new account, move the individual posts or the name will indicate which account the balance was moved from
4. Block the old account