11.3. Maintain G/L Accounts
This option allows you to view, add, edit or delete your General Ledger accounts. When this option is selected your screen displays the first part of your Chart of Accounts in numeric sequence. You can scroll through the list by using the up and down arrow keys.
Below is a sample of what a Chart of Accounts looks like.
Note : The above sample has the compulsory accounts plus a few accounts that have been added.
11.3.1. Adding a New Account
By pressing [Ins] while the Chart of Accounts is displayed a new account can be added.
A unique account code must be entered, and it must start with the relevant number, i.e. 1,2,3,4, or 5. Account codes can be up to 6 digits long. The account will be automatically placed in numerical sequence.
| Assets all start with a | 1. e.g., Cash at Bank 1000 |
| Liabilities with a | 2. e.g., Creditors 2100 |
| Capital with a | 3. e.g., Owner's Equity 3000 |
| Revenue with a | 4. e.g., Cash Sales 4000 |
| Expenses with a | 5. e.g., Rent 5460 |
Note : If you are unsure of the difference between the different types of accounts we suggest you read the Accounting Primer before reading any further.
Once you have allocated a number, the type of account will be displayed at the right hand side of the screen. The entry fields are detailed below.
Description This is the name that identifies the account.
Bank Acct You need to tell Equity if the new account is a bank account by entering Y or N. If the account is to be reconciled against a bank statement enter [Y].
Note : You can elect to have a Petty Cash account as a bank account. It can then be reconciled against your written records and/or receipts.
Alt. Acct An alternate account is one that is usually associated with the Balance Sheet and it's balance alternates between debit and credit. A good example of this is a bank account, as this can be in overdraft. With this example, the alternate account would be a Liability Account and when the bank balance went into overdraft the overdraft amount would be printed on the Balance Sheet as a positive liability instead of a negative asset. If you wish to attach an alternate account to the new account, enter its code or press [F2] to pop-up a list of accounts.
Note : You should never post to an alternate account as an alternate account is a display account only.
Acct. Code If your accountant has their own coding system, enter their account code in this field. They can then easily cross reference.
The next four fields are display fields and cannot be entered on this screen but via a Journal Entry. Refer to Journal Entry in this section for more information on entering journals.
B/F This is the Brought Forward balance from the previous month.
MTD This is the month to date figure and relects the changes within the account for the month.
YTD This is the year to date figure and the current balance of the account.
Last Year This is the total of Last Years figures for this account. If you know these figures you can enter them here.
[F3] Allows you to enter budget figures and last years figures for each month. Budgets are then used when the Budget Report is printed.
When you are happy with the details you have entered, press [Ctrl][Enter] to save and return to the Chart of Accounts. If you don't want to save the account press [Ctrl][Esc] or [Alt][F4] if you are running under Microsoft Windows.
Note: When you press [Esc] to return to the General Ledger Menu all the accounts you have just added will be placed automatically in the default reports. If you have added several this could take a few minutes.
11.3.2. Viewing an Account
From the listed Chart of Accounts, move the highlight bar to the required account and press [Enter]. You are then able to view the selected accounts up-to-the-minute status.
[F3] allows you to view the Budget and Last Year monthly figures.
[F4] allows you to view transactions to and from the account for the current month, as shown below.
[F4] current transaction listing.
If you then wish to view transactions from a previous month press [F2] and select the relevant month.
All transactions from the beginning of that month to present will be listed. You can page up and down by using the arrow keys and the [Page Up] and [Page Down] keys. By pressing [Esc] you will be taken back to the account screen.
Note: Balances cannot be edited using this facility. Balances can only be adjusted by entering a journal.
11.3.3. Editing an Account
From the listed Chart of Accounts move the highlight bar to the required account and press [Ctrl][Enter]. You are then able to edit the Description, Bank Acct, Alt.Acct and Acct. Code fields.
[F3] Allows you to edit the Budget and Last Year figures for each month.
Note: Account balances and transactions cannot be edited. The only way to alter these is with a Journal entry.
11.3.4. Deleting an Account
Note: An account must have a zero balance before it can be deleted.
To delete an account, select it from the listed Chart of Accounts and press [Del]. The account will then be displayed.
If it is the correct account press [Enter] and the account will be deleted. If it is not the correct account and you don't wish to delete it, press [Esc] to take you back to the Chart of Accounts without deleting the displayed account.
Note: Accounts with balances cannot be deleted. You will need to post a journal to bring the accounts balance back to zero. Deleted accounts cannot be undeleted.