Fields explained in Chart of Accounts
1.Search: User may search one specific account to be defined.
2.Name: This column will state the unique Account Number and Account Name
3.Type: This column will display the account type.
4.Tax Code: The displayed Tax Code is the one saved by default or set by user while creating the account.
5.Current Balance: Current Balance is the current account balance.
6.Inactive: This column will display only when user clicks on Action > Show Inactive Accounts. Once it has been selected, all the inactive accounts will be included into the account list. Otherwise, only active account will display by default.
7.New Account: User may create new account by clicking this button.
8.Actions: There are six functions under this button, which are Edit Account, Delete Account, Show Inactive Account, Set Opening Balance, Export to PDF, Export to CSV.
a.Not every account in Chart of Accounts can be edited. The Account Type and Account Number field in default Linked Account would not be allowed to editing or deleting. However, Bank details in the default linked account would be still editable.
a.For those not defaulted linked accounts, it won’t be allowed to delete if there is transaction connected to this account, and it can be edited except Account Type and Account Number.
a.Not every account in Chart of Accounts can be deleted. The Account Type and Account Number field in default Linked Account would not be allowed to deleting.
b.For those not defaulted linked accounts, it can be deleted if there is no transaction or inactive transaction only connected to this account. No account can be deleted if there is active transaction relating to this account.
c.The account code used before will not be allowed to use again even after the account deleted as appeared. Reminder of “CA-1000 already exist in your system!” will pop up as warning.
10.Show Inactive Accounts: Once user click this function, all inactive accounts would be included in Chart of Accounts
11.Set Opening Balance: This function would be explained in the following chapter.
13.Export to CSV: User may export the Chart of Accounts into Excel format.
14.The Current Balance of Income Account, Other Income Account, Expense Account, Other Expense Account, and Cost of Sales Account would be calculated from the first day of this financial year without opening balance.
15.Chart of Account in Q6 is sorted by Account Type which is Asset Account, Liability Account, Equity Account, Income Account, Cost of Sales Account, Expenses Account, Other Income Account and Other Expenses Account.