Creating a New Chart of Accounts
Accounts may be added individually or multiple accounts can be imported at one time. The master chart of accounts (COA) is typically imported in its entirety at the beginning of the implementation; individual accounts may be added later as needed.
Loading the Master COA
Configure the Excel spreadsheet with compatible headers in row 1. The three headers shown here are required:
- Account Number
- Account Name
- Account Type
To import the master chart, navigate from the menu, Admin > System Setup > Click on Account (found under the Accounts and Budgets section)
Click the blue Import button.
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Once completed the message will appear onscreen. To check for completeness in your import, check the number of accounts imported against the number of rows of data in your spreadsheet.
It is important to tag the Net Income and Retained Earnings accounts in the Master COA.
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Note: If an adjustment to retained earnings account is needed, you’ll need to add this to the master chart. After the beginning balances are imported, values cannot be booked to these accounts.
- Placeholder for current year earnings (Net Income/Loss)
- Placeholder for accumulated retained earnings (Retained Earnings)
Note: Specifying options tags the account so the system will calculate the net income or loss and each year it will rollover to the accumulated retained earnings.
Adding Individual Accounts
Navigate from the menu, Admin > System Setup > Click on Account (found under the Accounts and Budgets section)
From there you’ll want to click ‘New’
Enter the following in the pop up dialogue box:
- Account Name
- Account Number
- Account Type
The system default will set the account as active.
Once you’ve done all that, you can click ‘OK’