Maintain Account

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Maintain Account

1. Introduction

  • You able to set multiple levels to your Chart of Accounts tree, eg. level 1, 2, 3,…… See the above screenshot (Vertical lines represent levels)
  • To structure your Chart of Account for Balance Sheet and Profit & Loss Account. See below table.
No. Balance Sheet No. Profit & Loss
1. Fixed Assets 1. Sales
2. Investment 2. Sales Adjustment
3. Other Assets 3. Cost of Goods Sold
4. Current Assets 4. Other Income
5. Current Liabilities 5. Extra Ordinary Income
6. Other Liabilities 6. Expenses
7. Capital 7. Taxation
8. Reserve 8. Appropriation Account
9. Retained Earning
10. Long Term Liabilities

2. Create New GL Account

 

Click NEW button, you will see the below screenshot.

 

Field Name Properties
GL Code
  • Field type : Alphanumerical
  • Length : 10
  • Not spacing is allowed in any coding.
Description
  • Field type : Alphanumerical
  • Length : Unlimited (Not recommended to store too long because you may have difficulties to view the full description in the report.)
  • Spacing is allowed.
2nd Description
  • Field type : Alphanumerical
  • Length : Unlimited (Not recommended to store too long because you may have difficulties to view the full description in the report.)
  • Spacing is allowed
Tax
  • Select an appropriate default tax code.
Industries Code

3. Special Account Type

  At different standard Account Group (level 1), there is a separate set of special type : – 
Account Group Special Type Purpose
Fixed Asset Accumulated Deprn Account To differentiate the fixed asset cost and accumulated depreciation in Balance Sheet report , especially select Balance Sheet format as ‘This Year – 3 column’.
Current Asset Bank Account Enable to create Bank Reconciliation and input single entry in Cash Book Entry, Customer Payment and Supplier Payment.
Current Asset Cash Account Enable to create Bank Reconciliation (if you need to reconcile the cash balance) and input single entry in Cash Book Entry, Customer Payment and Supplier Payment.
Current Asset Customer Control Account To set this account to Maintain Customer and input single entry by selecting the customer in Sales invoice, Cash Sales, DN, CN, Customer Payment, etc, but not allowed in journal entry.
Current Asset Balance Stock Account To capture the Balance Sheet stock account in Maintain Stock Value.
Current Liabilities Bank Account Enable to do Bank Reconciliation and input single entry in Cash Book Entry, Customer Payment and Supplier Payment.
Current Liabilities Supplier Control Account Enable to set this account to Maintain Supplier and input single entry by selecting the supplier in Purchase invoice, Cash Purchase, DN, CN, Supplier Payment, etc, but not allowed in journal entry.
Cost of Goods Sold Opening Stock To capture the P&L opening stock account in Maintain Stock Value.
Cost of Goods Sold Closing Stock To capture the P&L closing stock account in Maintain Stock Value.
Cost of Goods Sold Manufacturing Control Account To differentiate part of the COGS account categorized into the manufacturing accounts.

4. GL Accounts Levels

   Vertical lines on the left side represent number of levels you attempt to create the GL Accoount. See below screenshot.