Primary chart of accounts

<< Prev   Next >>

Chart of accounts is a list of General Ledger (GL) accounts that a company uses for recording business transactions. Chart of accounts is a basis for a company’s financial reports.

1C:Drive offers you a pre-defined Primary chart of accounts. Business transactions are automatically mapped to the pre-defined GL accounts. This ensures that the GL accounts are prefilled in business documents and GL account entries are generated automatically. To learn more, see Default GL accounts.

You can use predefined Primary chart of accounts as is or extend it with custom GL accounts that meet your business needs. For example, if you need a separate assets account for tracking raw materials.

For managing Primary chart of accounts, use the Primary chart of accounts catalog. You can do the following:

• View GL accounts
• Create GL accounts
• Edit GL accounts

Viewing GL accounts

To view GL accounts:

• Go to Company > Enterprise > Primary chart of accounts.

The view of the Primary chart of accounts list can vary depending on the selected view mode. By default, the view mode is Tree. A GL account can have subordinate GL accounts.

To view the GL accounts hierarchy:

• In the Code column, click

To switch to another view mode, click More actions > View mode and select a view mode.

The Primary chart of accounts list shows GL account details. The details can vary depending on the list settings. By default, the following details are available:

• Code
• Description
• Financial statement
• Account type
• Normal balance
• Ccy (multi-currency)

To quickly find a GL account in the Primary chart of accounts list:

• Sort the list by column by clicking a column header. To change the sorting order, click the header again.
• Search the list using the search field above the list.

To view the GL account details:

• In the Primary chart of accounts list, double-click a product GL account line.

Creating GL accounts

To create a GL account:

1. Go to Company > Enterprise > Primary chart of accounts.
2. Click Create.
3. In the Account (create) window, enter or select the following:

   Field	Description
   Description	A short description of the GL account. It is shown in the transaction records and Trial balance.
   Financial statement	A type of financial statement that will include the GL account. Financial statements available in Analysis > Financial result.
   Account type	A GL account type. It is shown in financial reports where GL accounts are grouped by type. The reports are available in Analysis > Financial result. If a GL account has subordinate GL accounts, select type Header. Such account represents a group of GL accounts. It cannot be included in GL account entries.
   Multi-currency	Indicates whether the GL account supports posting business transactions in multiple currencies. This is useful when the transaction currency differs from the presentation currency. If you select the Multi-currency checkbox, the following rules apply: A transaction is recorded in the transaction and presentation currencies. The account balance in the presentation currency is subject to revaluation required to reflect changes in exchange rates. To learn more, see Currency revaluation.
   Code	The GL account ID. You can use it to find a counterparty in the Primary chart of accounts catalog.
   Normal balance	The balance type of the GL account. You can select one of the following: Dr. A GL account has a debit balance. For example, an inventory account. If a credit balance occurs, it is shown as a negative debit balance. (Cr). A GL account has a credit balance. For example, accounts payable. If a debit balance occurs, it is shown as a negative credit balance. Dr/(Cr). A GL account that can have either a debit or credit balance. For example, retained earnings can have either debit or credit balance depending on a company’s financial result.
   Subordinate to	The parent account of the GL account.
   Sort order	The number that determines the GL account position in the list of GL accounts in an account group. The bigger the number, the lower the GL account position in the list.

4. Click Save and close.
   If you want that the new GL account is prefilled in business documents, assign a business operation to this account. To learn more, see Default GL accounts catalog.

Editing GL accounts

To edit a GL account:

1. Go to Company > Enterprise > Primary chart of accounts.
2. Double-click a GL account line.
3. Edit the GL account details. To learn more, see Creating GL accounts.
4. Click Save and close.

<< Prev   Next >>