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The chart of accounts is a means of organizing financial data to generate the information needed in making business and management decisions.  It records the effects of various transactions, classified, summarized and presented into reports to give helpful information to key decision makers.  The chart of accounts must be able to keep track of all company transactions and must be adequate to cover the various activities you undertake.

 

Before creating the chart of accounts, verify that you perform the following steps:

 

1.  Properly defined segment IDs when you set up the company in the Company Setup function of the System Administrator module.

2.  Defined certain account and statement parameters through the GL Module Setup function.

3.  Set up account groups and segment values.

 

The following are the available features for chart of accounts:

 

•Individual set up of GL account IDs using the Chart of Accounts Maintenance function.

•Mass copy of GL account IDs using the Mass Copy Chart of Accounts function.

•Amend the GL account IDs by redefining the GL account segment using the Redefine Account Segment function.

 

 

 

See Also

Update or Delete GL Account IDs

Chart of Accounts Reports

Accounts

 

 

 

 

 

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