This function allows you to maintain your company chart of account. Chart of account is a list of accounts used by your company for any accounting entries and it is also a build-up on how your financial reports will be presented.
To access Chart of Account, click on the Master Data icon > Chart of Account.
Colour indicators
There are accounts highlighted by different colours representing different meaning.
Orange: Represents account type. Usually used to categorize a list of accounts with the same purpose. You can create new account type at Master Data > Account Type.
Blue: Represents special account. Special account are accounts that need to be created specially through our system specific function as they are usually linked to other functions in the system. Special account consists of Retained Earning, Bank, Cash, Deposit, Debtor Control, Creditor Control and Stock accounts.
*Special account cannot be set as parent account.
White: Represents normal account.
Creating new Account
There are several different accounts that can be created in the chart of accounts. You can click on the “+New” button to see the available options.
Creating a Normal Account (3 Methods available)
Method 1: Click on the “+New” button > Select Normal Account.
Method 2: Directly click on the “+Account” located at the chart of account on each account type.
Method3: Directly click on the “Edit” arrow down > Add Sub Account. This method is only useful if you want to create sub account for the selected account.
1. Choose a method as shown to create a new normal account. A dialog will prompt out to key basic information. If you are using method 2, the account type will be auto filled while for method 3, the account type and parent account will be auto filled.
2. Click on the “+” button to add account details.
General Fields
Account No: Key in your account code.
Description: Key in account description. Example: Sales - Others.
Alternate Description: Key in account alternative description.
Tax Code: Select default tax code of this account.
Tariff Code: Select tariff code of this account.
3. Click “OK” and then “Save” to create the new account code.
Creating a Bank, Cash or Deposit Account
1. Click on the “+New” button > Select Bank, Cash, Deposit.
2. A dialog will prompt to key basic information.
General Fields
Select either Bank, Cash, Deposit or Other Payment for this account.
Account Type: Select account type for this account.
Parent Account: Select parent account for this account (if any).
Account No: Key in your account code.
Description: Key in account description. Example: CIMB Bank.
Alternate Description: Key in account alternate description.
3. Usually creating a Bank, Cash, Deposit or Other payment will also trigger to create a Payment Method. Any entries selecting this Payment Method will then post the double entry into this account code. You may click “Edit” if wish to modify the default data.
Payment Fields
Payment Method: Key in payment method name.
Journal Type: Key in posting Journal Type.
Payment By: Key in a default payment by description such as Cash, Bank etc. Leave blank if do not wish to default.
Need to specify additional information such as Cheque Number or Credit Card Number: Tick this option if wish system to prompt a warning for not entering Cheque or Credit Card number.
Bank Charge Account: Key in bank charge account. If there is any bank charge it will post into this account.
Bank Charge Rate (%): Key in bank charge rate. Bank charge will be automatically calculated when this payment method is applied.
Merge Bank Charge Transaction in Bank Reconciliation: Tick this option if wish to merge bank charge amount into payment amount as one line in bank reconciliation. Unticking this will separate the payment amount and bank charge amount into 2 lines.
4. Click “OK” and “Save” to create the new account code.
Creating a Debtor Control or Creditor Control Account
1. Click on the “+New” button > Select Debtor Control or Creditor Control.
2. A dialog will prompt to key basic information.
General Fields
Account Type: Select account type for this account. Current Asset (CA) is automatically selected for Debtor Control account and Current Liabilities (CL) for Creditor Control account.
Parent Account: Select parent account for this account (if any).
Account No: Key in your account code.
Description: Key in account description. For example: Trade Debtor – Overseas.
Alternate Description: Key in account alternate description.
3. Click “Save” to create the new account code.
Creating a Stock Account
1. Click on the “+New” button > Select Stock.
2. A dialog will prompt to key basic information.
Stock Account Fields
Account Type: Select account type for this account. Cost of Goods Sold (CO) is automatically selected for Open Stock Account and Close Stock Account while Current Asset (CA) for Balance Stock Account.
Parent Account: Select parent account for this account (if any).
Account No: Key in your account code.
Description: Key in account description. For example: Open Stock – Others, Close Stock – Others.
Alternate Description: Key in account alternate description.
3. Click “Save” to create the new account codes.
Maintain Stock Value Links
This function is for you to link your Opening Stock Account, Closing Stock Account and Balance Stock Account. By default, the stock accounts will be linked correctly when you create Stock Accounts.
Print Chart of Account
You can print Chart of Account for reference or any other purpose.
1. At Chart of Account main page, click on the “Print Report” button.
2. A small dialog will appear. Select Report Name, define your options and click “OK”.
3. The report will be generated based on your selection.
4. You can now print or export to the format that you want.
