Chart Of Account

Welcome to AlignBooks. We are happy to have you on board. In this help studio tutorial, we will explore the Chart of Accounts creation options which is commonly known as General Ledger (GL).
Before we begin, let us understand about the need of Chart of Accounts and the usage of this particular activity.
Creating Chart of Accounts appears to be easiest work in financial accounting but in fact it is the toughest work because chart of accounts this is a backbone of any Financial Accounting. Carefully crafted chart of accounts makes your accounting easy, presents your financial statements in easy to understand formats  and helps you in taking care of your statutory compliances.
If you are a corporate body, you have to follow various National and International Accounting Standards for preparations and presentation of your financial statements and here Chart of accounts plays a big role. You need to create your GL and group them carefully taking into consideration the requirements of various accounting standards with regard to presentation of Financial Statements.
To make your task easy, AlignBooks has tried to provided you ready made chart of accounts crafted by experienced professionals. You can Add a new account to already created chart of accounts. You can also edit or delete an already created account with required authorisation.
Remember that in Company Setup  you have defined some of the GL as you default ledgers for atomisation. You can edit and change name of those default ledgers, but cannot delete them.
The key functions of a Chart of Accounts Module are:
We will be going through the each of these set of information in detail.
If you are in Finance Drop Down you need to select and the screen which appears looks like this;
You can see the option at top right of the screen. Click on this option and you will  be directed to the relevant account creation screen. 
Chart Of Account
Let us input the new COA details:
1Name: Here you input the name with which you are used to identify your Ledger.
2Code: This is a system generated automated code to uniquely identify a Ledger. Codes are generated based on Groups under which new account is to be created. Hence, code will be displayed only after you select a group of new ledger.
3Under Group : Select from the drop down the required Group of General Ledger in which the GL is to be grouped.  If your desired Group does not exist in the menu, you can create a New Group by clicking on option within the dropdown menu. You can also Edit or Delete a Group from            here. Select a Group to be edited /deleted and then click on . The group will be opened in Edit mode and you can edit it and save by click on            . You can delete it by click on .  
4Is Sub Ledger: Select “ON” if you want to link the new account to an existing GL Account. This will allow you the liberty to analyze the multiple sub-ledgers as one Ledger.
5Inactive: Select “ON” if you want to make a General Ledger or Sub Ledger inactive. During any business transaction such inactive Ledger names will not appear in your chart of accounts. You can reactivate it again by selecting “OFF”.
6Type: Select from the drop down the nature of Account i.e. whether it is a Cash Account or a Bank Account or a General Ledger Account. This classification will help you in capturing additional information at the time of input in vouchers and generating your day books. For example, if                account type is ‘Bank”, at the time of input, the system will prompt for addition details like cheque no. etc. and you can generate a Bank Book.
7Attributes Applicable : Select “ON” if a attribute is required for this ledger while making transaction. Attributes will be displayed here only if you have set Finance attributes in Configuration ->Company Setup ->Finance. If you have set 3 attributes in your setup, all three attributes will                  appear here and you may keep any one as “On”.
8Click on to Save the values.
9Click on to Exit from the New COA Form.
We are now back to the main screen for the Chart of Accounts.
If you wish to edit/delete the already visible Account data in the list you can do so, please follow the following steps:
Edit: Click on to edit the Account detail.The account details will be opened in edit mode, can make the required changes and click on to save the changes made by you. If you think that this record is no more required, you can delete the record by clicking on .
Delete : If you wish to delete a account data, Click on and confirm the deletion. Note that if you have created Sub ledgers under a Ledger, the System will not allow you to delete this record unless you delete all the sub ledgers under the ledgers. It is advisable not to delete a GL rather you can always opt to make the GL “Inactive”.
It is advisable not to delete a Vendor if some data are already entered against that Vendor. If you have closed dealing with a Vendor or for any reason any Vendor is Inactive for the time being you can opt to make the Vendor “Inactive”.
Export : Click on to Export the data as visible in the list to an Excel Sheet.
Search : If you looking for any particular Ledger, enter here a text/code matching to Ledger name, code, group or nature.  The system will short list the ledgers with matching text.
Group : If you want to Group your display  on any particular field, hold that field and drag alittle up outside the Grid, your display will be grouped on that field. To remove the grouping drag the field back into the Grid column.
Sort : If you want to sort data on a particular field, click on the label of that field, your data will be sorted on that field. You can reverse the order of sorting by just Double click on the label of that particular field.
Click on to Exit from the Chart Of Account.
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