Chart of Accounts

Setup Chart of Accounts

Purpose:

You may wish to use your own chart of accounts. For example, your accountant might have already created a chart of accounts for you, or you may have been using some other accounting software before moving up to BSC Food Distribution and wish for your accounts to be the same. In any case, this software makes it easy to change or edit your chart of accounts. Using this form you Edit account information, check the balances of all the accounting periods including previous years numbers and budgeted figures. Finally, you can see the history of all transactions on this account. If you have no balances on any of the accounts you can use the "Load COA" to load our sample chart of account at any time.

Add New Account:

1- Press the Add Button. The Fields in the right are cleared and the focus is on the Account Number

2- Enter the Account Number

3- Even though you can enter your own accounts types and periods in other forms, We advise you to use some accounting standards determining the accounts ranges, for example:

a. 100000-199999 Assets (Cash, Accounts Receivable, Inventory, Other Current Assets, Fixed Assets, Accumulated Depreciation, and Other Assets)

b. 200000-299999 Liabilities(Accounts Payable, Taxes Payable, Other Current Liabilities, and Long Term Liabilities)

c. 300000-399999 Equity(Preferred/Common Stock, Retained Earnings)

d. 400000-499999 Sales(Sales, Interest Income )

e. 500000-599999 Cost of Goods Sold (Cost of Goods Sold, Commissions, Discounts, Freight)

f. 600000-999999 Expenses (Operating and Miscellaneous Expenses, Supplies, etc)

4- Enter Account Name - This should be an easily understandable name that defines the purpose for which the account will be used.

5- Enter the Account Type - accounting category.

6- Balance Type - Select weather this account typically shows a debit or credit balance. Select N/A if you are not using the account for any transactions.

7- Account Balance - The Account Balance can only be set via accounting entries. You can, however, change the account balances for the budget and prior year

Edit Account

1- Scroll up and down the Account List to select the account you want to edit

2- After the account is selected the information is displayed in the Text Boxes to the right

3- Edit Account Name, Account Type and Balance

4- Update your changes before selecting another account to edit or closing the form

Note: You cannot change the current balance from here; that can only be done via an Accounting Entry.

Balances Lookup

Select an Account from the list and press the "Balances" Button. You will be shown a list of the accounting periods defined on the company card. You can change Prior Year and Budget information for each of these periods. Click on the row representing the period for which you want to change information.

1- Analyze information for each period.

2- Current - This column represents the current balance for that period, as calculated by Apt For Access. You cannot change this current balance from here, since it is calculated from transactions. The only way to change it is via an adjustment transaction, as explained in Accounting -- Entries.

3- Prior Year - In this column you can see the balances of the selected account for the previous year. You cannot change this information as it comes from posted transactions.

4- Budget - You can adjust the Budget amounts per period. This will allow your actual numbers in the financial reports to budget.

History and Load COA

1- Press the history button to see a lookup of recent transactions that were posted to this account

2- Press the Load Chart of Accounts Button if the balances in the Current COA are 0 and you want to start with the original accounts that come with the system