Adapting the Chart of Accounts
The Service Company template you copied earlier included a list of accounts called the chart of accounts. You will now adapt the chart of accounts to suit the needs of Data Processing Services.
To set up a chart of accounts that reflects your needs, you change the names and numbers of existing accounts, and add new accounts. When numbering your new accounts, you must assign numbers within the following ranges:
Assets 1000 to 1999
Liabilities 2000 to 2999
Equity 3000 to 3999
Revenues 4000 to 4999
Expenses 5000 to 5999
The program prints accounts on the balance sheet and income statement in numerical order.
To adapt the chart of accounts, you open the Accounts window. Then, to modify an existing account or create a new account, you enter information in the following fields:
Account. Enter the account number in the first part of the field and the account name in the second part.
Inactive Account. Check this box to set the account status to Inactive. Inactive accounts are not listed in transaction windows, and you can choose to omit them on most reports.
On the Account tab Account
Type. Select one of five account types. For an explanation of account types, see “Account Types,” in Chapter 2 in the User Guide.
GIFI Code. Enter a GIFI code for the account if you file your corporate financial statements electronically. (Contact the Canada Customs and Revenue Agency or your accountant for information on GIFI codes.)
Taken From : Simply Accounting
