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Copy from an existing account template
Getting Started > Setting Up a New Company > Accounting Setup > Create New Chart of Accounts > Copy from an existing account template

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Introduction About:

Copying from an account template will save you time in setting up your chart of accounts. When copying from an account template, the system also fills up the Default Accounts, GL Class Templates and accounts for the financial layout. Select the Account template that closely matches your industry and ownership type.

If you intend to set up your chart of accounts by defining each account code, See Also: Create New Chart of Accounts > Define each account.

Note:
Interprise Suite includes account templates for the US and UK based companies. You may modify or add to these accounts and defaults so to make the chart of accounts fit to your needs.

 

Terminology Steps:

To set up your chart of accounts by copying from an account template,

  1. From the Chart of Accounts screen of the New Company Wizard, click on the Edit button. Or, from the Accounting Module, select Account Code under the New menu. The New Chart of Accounts Wizard will display.
  2. Follow the steps in the New Chart of Accounts Wizard:

 

Step 1
Click Next button to start.

 

Step 2 – choose to copy from template 
Select “Copy from a chart of account template”. Then, from the Template pulldown list, select from the available template that closely matches you industry and ownership type. New account templates will be added in the future versions of Interprise Suite. Click Next button to continue.

 

Step 3 – select account structure 
Select the account structure you require for your chart of accounts and click Next button to continue.

  1. If “Simple Structure”, segmentation need not be set up for the accounts. See Step 4-a.
  2. If “Segmented Account" is selected, each segment type needs to be defined. If Segmented Structure” is selected, select the Character Separator for your segment and choose whether to apply the segment to only expense or revenue accounts or not. See Step 4-b.

 

Step 4-a – Simple Account Structure
If you select to create a simple chart of accounts structure from Step 3, you will be brought to the Account List. In the Account List screen, you can still make changes to your account codes and descriptions. You may select account for bank and petty cash accounts and put in budget details. More on the Account List in Step 5. Click on the Next button to continue. See Step 6.

 

Step 4-b – Segmented Structure
If you chose to create a segmented Chart of Accounts, you may define the account segments in this step.

  1. You will find default account segments for “Country”, “Location”, and “Department”. You can change the default account segments as required. See Also: Accounting Setup > Other Accounting Setup > Account Segments.
  2. You may add to the default segments. You may create up to 7 segment types. You may use the Up and Down arrows to select what segment you want to appear first.
  3. Define the segment values for each segment type you created. Enter a Segment Code and Description for each segment value, e.g. US – United States
  4. This option lets you create the combinations that actually go together. For example, New York only has the options for the Sales Department.
  5. Click Next button to view the generated list of segmented accounts. 
     

Step 5 – Account List
The Account List from the defined accounts or the selected template is displayed in this screen. Here are some of the things you can do from the Account Code list. Click Next button to go to the last step of the wizard.

  1. Exclude accounts - Untick the checkbox next to the Account Code column to exclude the account. 
  2. Change the account description - Type in the description in the Account Description column.
  3. Assign the accounts to bank accounts /petty cash accounts - Each bank account you will setup needs a unique account code assigned to it. From the Account List, you will be able to select which accounts will be assigned to the bank accounts or petty cash accounts. Include an account to assign to a bank account or petty cash account by clicking on the checkbox in the Bank / Petty Cash Ac column next to the account. See Also: Banking Setup > Bank and Bank Accounts.
  4. Setup account budget information - Select the Fiscal Year to which the budget will apply.  Enter the whole budget amount to each applicable account for the specified fiscal year. See Also: Working with Accounting module > Manage Chart of Accounts > Set Up and Maintain Account Budgets

 

Step 6 
Click the Finish button to exit the Chart of Accounts Wizard and generate the chart of accounts.

 

How To How To:

ShowView the Chart of Accounts

  1. From the Chart of Accounts screen of the New Company Wizard, click on the Edit button. Or, go to the Accounting module and select Chart of Accounts under the Tools menu. The Chart of Accounts form will display.

 

ShowManage Chart of Accounts

See Also: Working with the Accounting Module > Manage Chart of Accounts

 

ShowAdd Account Budget Details

See Also: Working with the Accounting Module > Manage Chart of Accounts > Set Up and Maintain Account Budgets

 

ShowAdd New Account Codes

See Also: Working with the Accounting Module > Manage Account Codes > Add New Account Codes

 

Show

Delete Account Codes

 

Note that account codes that were not assigned to default accounts, GL Class templates or used in any transaction may be deleted.

  1. Go to the Accounting Module.
  2. Select Chart of Accounts under the Tools menu. The Chart of Accounts form will display.
  3. Select the account code in the list and drill down to go to the Account Details tab.
  4. Click on the Delete option in the toolbar menu.
  5. Choose Yes in the prompt to delete.

 

 

Next Steps Next Steps:

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