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  • Chart of Account Setup
  • nishitD
  • 2015-05-13 09:51:36
Chart of account specific all the mandatory segments of an account structure. It also specifies the display order of all the segments in the structure.


Qualifiers can be set only once for an account structure. So, carefully associate your qualifiers as system won’t allow you to change the value once the record is saved. Though, system allows you to change the display order of segments, it is advisable not to change the display order after your first transaction I system.

You can create, view & update any chart of account information by navigating to General Ledger -> Chart of Accounts.

To create a new chart of account/or update an existing chart of account, enter below information as applicable for your organization and then save the record.

COA Id:
A unique system generated number. You can’t modify this number.

COA Structure:
Select the chart of account structure as defined in option header. System shows all the option headers with chart of account assignment in this field.
System defaults all qualifies and display segment values from the option line of the selected option header.

COA Name:
Enter a name for the chart of account.

Description:
Enter any comment /remark in the description field.

Module Code:
Select a module code which primarily owns the option & its values. You can programmatically change the option & its values from a class which has the same module code.

Status:
Status field shows the current status of a COA. Blank status value means active.

Balancing Segment:
Select a balancing segment from the list of values. List of values are populated from the option lines of the option header selected as chart of account structure.
All the journals are balanced (debits equal credits) by the balancing segment value. Use the first segment of your account structure as the balancing segment.

Cost Center:
Cost center can be used to represent different departments in the organization to track expenses department wise. Select a cost center segment from the list of values. List of values are populated from the option lines of the option header selected as chart of account structure.

Natural Account:
Natural account represents the actual balance sheet and P & L account.

Inter-Company Account:
If you multiple entities and you do business (sales & purchase) across different entities in your enterprise then you can use the inter-company account to represent the other organization with which the business is done. You can use same value group for both balancing segment and inter-company segment.

Display:


You can specify the position of different segments in the accounting structure through the display method.
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