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How do I build the chart of accounts?

Make the chart and its groups on Account Grouping and Number, then add each account on Account in Legal Entity, which makes the account and releases it to the company in one Save. Release it (not just save a draft) so vouchers can use it.

Screen
General Ledger › Chart of Account › Account Grouping and Number, Account in Legal Entity, Release Account in Legal Entity
Who
The chief accountant
Takes effect
When the account is released

Steps​

  1. Open Account Grouping and Number. One line per group: nature, group code and name, Account From and Account To, for example Cash and bank, 100000 to 100999.
  2. Open Account in Legal Entity for each new account. Pick Chart, Account Nature and Account Group, type the Name.
    • Leave Account empty: Save gives the next number of the group. Under Custom Number Range type it.
    • Set Balance Control here: it is copied to the account master and is the one the balance check reads.
  3. Fill the controls. Validity dates; Validate Currency for bank accounts; Validate Ledger Balance and no Manual Entry for control accounts.
  4. Classify it for the statements. Account Type, Account Category (Operating Revenue, Cost of Sales, Operating Expenses, Other Expenses, Other Income for profit and loss accounts) and Account Sub Category.
  5. Save and release.
  6. For a second company on the same chart, release the existing accounts on Release Account in Legal Entity. Many at once: use import.

Check it worked​

  • The account is on the General Ledger Accounts In Legal Entity list and offered on General Entry.

If something looks wrong​

  • "Account Limit has been reached for this Account Group: ..." Widen the group's range.
  • The account is not offered on General Entry. It is a draft, blocked, or outside its validity dates.
  • The account master cannot be edited any more. Once released anywhere, General Ledger Account is locked. Rename it on the release.