The chart of accounts is the single most important register in Financials, as most other registers are based on it. It consists of classes; control and subsidiary accounts. PANTHEON comes with a predefined basic chart of accounts, but you should customize it for your business needs before putting PANTHEON to actual use.
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As said basic chart of accounts is included in the package. Consult your accountant before modifying the chart of accounts.
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1. Modifying Chart of Accounts
When modifying the chart of accounts, take special care when:
- specifying foreign currency accounts,
- specifying subject accounts,
- including accounts in templates for automatic posting (for example, a new account for VAT has to be included in the template for VAT posting),
- including new accounts in financial reports,
- specifying which information is mandatory when posting to a specific account.
2. Chart of Accounts Settings
For detailed treatment see PANTHEON Guide.
3. Changing Code of Account
Four-digit account codes are used by default. Change code by adding zeroes whenever accounts with more digits are used. You can also change account code and customize the settings.
Example: Account 1200 is included in the Chart of Accounts but your company uses a five-digit Chart of Accounts. Move to line of account 1200 in the Chart of Accounts:
Add a zeroe to the code in Account field:
Clicking
the following message will be returned:
Click
to confirm change. All references to account 1200 are changed so as to reference account 12000.
4. Adding a New Account
Add a new account using
or
.
Copying an account is useful to have an account with matching settings. E.g.: Let us say you want to add a new account 12001 which differs from account 12000 only by name and account code.
Go to line of account 12000 anc click
. This way you create a new line identical to the one you copied. The only difference being that it is marked with an asterisk.
Change account code and name and save changes.
The icon for a new record is different from copying because a new line is opened which you have to complete:
