Set up Accounts for a Chart of Accounts

This activity is not required if a numbering script is used to generate accounts dynamically.

Security Note: You need the Allow the maintenance of chart of accounts and account groups security right in the Accounting user group security rights group for this activity.

Activity Steps

  1. Open the Chart Of Accounts screen.
  2. Select the Chart Of Accounts tab.
  3. Select the relevant Document Type.
  4. Select the chart of accounts. See Set up a Chart of Accounts.

    Important: Except for accounts with a Concept of Prepayment Account, a corresponding debit account must be configured for each credit account specified for each concept in a chart of accounts. For example, if you create a credit account with the concept of Revenue, you must set up a debit account with the concept of Revenue.

  5. Right-click in the Accounts table and select New from the menu.
  6. Set the Account Type to Credit or Debit as required.
  7. Complete the following fields.
    • Account Number—Related account number in the company ledger.
    • Account Applies To—Values to which the account applies. Select from All Values, Negative Value or Positive Value.
    • Profit Centre—Related profit centre for the account in the company ledger.
    • Cost Centre—Related cost centre for the account in the company ledger.
    • Concept—See Charts of Accounts for concepts available for each document type.
    • Subconcept—See Charts of Accounts for sub-concepts available for each concept.
  8. If the Concept is Freight Value or Service Value, select the Rate Detail Types to limit the applicability of the account if required. Select from the Rate Detail Types list items defined in the List Editor.
  9. To limit the applicability of the account, complete the following fields as required.
    • Organisation—This setting allows individual organisations to have different accounts for their journals. For a sales invoice, the organisation is the buyer. For a service invoice, the organisation is the seller. For payments, the organisation is the one specified in the invoices that are being paid. Select from the organisations and companies defined on the Organisations panel of the Solution Explorer.
    • Not in Organisation—Organisation to exclude from the account. Select from the organisations and companies defined on the Organisations panel of the Solution Explorer.
    • Locations—Select from the locations defined on the Supply Chain panel of the Solution Explorer.
    • Areas—Select from the business areas defined on the Supply Chain panel of the Solution Explorer.
    • Product Category—Select from the product categories and brand categories defined on the Material panel in the Solution Explorer.
    • Products—Select from the products and brands defined on the Material panel of the Solution Explorer.
    • Analyte—Select from the analytes defined on the Quality panel of the Solution Explorer.
    • Operational District—Select from the districts defined on the Organisations panel of the Solution Explorer.
    • Invoice Type—Select from the invoice types defined on the Invoice Types screen. Not applicable if Document Type is Hedging, FX Hedging or Profit And Loss.
    • Hedge Types—If Document Type is Hedging, select from Futures, Options, Spread and Swaps. If Document Type is FX Hedging, select from Futures, Spread and Swaps. Not applicable to other document types.
    • Invoice Iteration—Not applicable if Document Type is Hedging, FX Hedging or Profit And Loss.
    • Bank Account—Select from the bank accounts defined in the Bank Editor and applicable to the selected Districts.
    • Concept Percentage—Percentage of the value added to the account that is posted to the company ledger.
    • Contributor
    • Analyte Contributor
    • Validity Start Date—Date from which the account can be used.
    • Validity End Date
  10. Select whether to Allow Journal Entry Editing by users with the required security rights. If checked, journal entries for invoiced amounts and payment amounts can be edited. Grouped, incremental, reversal and locked journal entries cannot be edited. Original journal entries display as a tooltip over the journal entry's table cell.

    Security Note: Even if Allow Journal Entry Editing is checked, journal entries may only be edited by a user with the Allow the user to edit journal entries security right in the Accounting user group security rights group.

  11. If the Document Type is Funds Receipt or Refund:
    1. Select the Document Types to limit the applicability of the account if required. Select from Sales Invoice, Purchase Invoice, Service Invoice, Freight Invoice, Credit Note, Debit Note, Demurrage Invoice, Freight Demurrage Invoice, Service Demurrage Invoice, Freight Commission Invoice and Freight Demurrage Commission Invoice.
    2. Select whether the account is for Forex Gain/Loss. Default: Unchecked. See Charts of Accounts for an example.
  12. If the Document Type is for an invoice type, select whether to limit the account to first or subsequent Commercial invoices. Whether an invoice type is commercial is defined on the Invoice Types screen. For example, if proforma invoices are non-commercial and prepayment, provisional and final invoices are commercial:
    • If a despatch order has one proforma invoice and two provisional invoices, the first provisional invoice is the first commercial invoice.
    • If a despatch order has one provisional and two final invoices, the provisional invoice is the first commercial invoice.

    Select from:

    • (blank)—The account is applicable to all invoices.
    • First Invoice—The account is applicable only to the first commercial invoice.
    • Adjustment Invoice—The account is applicable only to commercial invoices raised after the first commercial invoice.
  13. If the Document Type is Sales Invoice, select whether the account should Use Purchase Values. Whether to use the values from the latest locked commercial invoice of the purchase despatch order (DO) with which the sales DO is traded. If the sales DO is traded with multiple purchase DOs, each of the purchase DOs needs to have a locked commercial invoice. Disabled if Matched is checked. Default: Unchecked.
  14. If the Document Type is Profit And Loss:
    1. Limit the account based on whether despatch orders are realised if required. Each side of the trade (sales or purchase) can be limited independently. For Sales Realised and Purchase Realised, select from:
      • (blank)—The account is applicable to all despatch orders.
      • Realised—The account is applicable only to realised despatch orders.
      • Unrealised—The account is applicable only to unrealised despatch orders.
    2. Select whether to limit the account to specified Trade Statuses. Select from the statuses defined in the Trade status definition. See Status Definitions.
    3. If the Concept is Freight Value or Service Value, select whether to limit the account to specified Cost Categories. Select from Actual, Accrual, Estimated, Balance and Budgeted.
    4. Select whether to Include Adjustments. Select from:
      1. (blank)—The account is applicable to all profit and loss report line items.
      2. Adjusted—The account is applicable only to adjusted profit and loss report line items.
      3. Unadjusted—The account is applicable only to profit and loss report line items that have not been adjusted.
  15. If the Document Type is not Funds Receipt, Refund or Profit And Loss, select whether the account is for Realised despatch orders. Optionally limit the account to journals related to realised or unrealised despatch orders. A despatch order is realised if control has passed for the despatch order. The point at which control passes depends on the delivery terms of the despatch order. Whether control has passed displays in the despatch order snapshot. Select from:
    • (blank)—The account is applicable to all despatch orders.
    • Realised—The account is applicable only to realised despatch orders.
    • Unrealised—The account is applicable only to unrealised despatch orders.
  16. If the Document Type is not Funds Receipt or Refund, select whether the account is for Matched despatch orders.

    Optionally limit the account to journals related to matched or unmatched despatch orders. A despatch order is matched if it is traded with another despatch order. Disabled if Use Purchase Values is checked. Select from:

    • (blank)—The account is applicable to all despatch orders.
    • Matched—The account is applicable only to matched despatch orders. If the despatch order is only partially traded, the journal entries are only for the traded amount.
    • Unmatched MTM—The account is applicable only to despatch orders that have a mark-to-market trade. If the despatch order is partially traded, the journal entries are only for the amount that is still against the MTM.
    • Unmatched—The account is applicable only to despatch orders that do not have a set of mark-to-market terms assigned.
  17. To duplicate an account, right-click the account and select Duplicate from the menu.
  18. To copy an account to a different chart of accounts, right-click the account and select Copy To and the chart of accounts from the menu.
  19. To change the account type of an account between Debit and Credit, right-click the account and select Change Account Type from the menu.
  20. Click Save.