Tables/Utilities - Chart Of Accounts
The General Ledger Chart Of Accounts is used with SeekerWorksPLU$™-related accounting functions to ensure everything gets posted to the correct spot and appears in the financial statement appropriately. The list of accounts can be viewed Hierarchically by Account Type (Assets, Liabilities, etc.) or alphabetically. You can also filter by one Account Type, if desired.
The "G/L Chart Of Accounts" screen (shown below) appears when you click the (Chart Of Accounts) menu button, showing the list of accounts Hierarchically by Account Type (Assets, Liabilities, etc.). A default chart of accounts is loaded for you when you first install SeekerWorks™.
The "G/L Chart Of Accounts" screen can also be sorted alphabetically.
The "Account Types" drop-down list includes Petty Cash, Undeposited Funds, Cash At A Bank, Investments, Accounts Receivable, Prepaid Expenses, Inventory, Other Current Assets, Land, Depreciable Assets, Other Long-Term Assets, Salaries & Wages Payable, Lines Of Credit Payable, Accounts Payable, Credit Cards Payable, Employees Payable, Taxes Payable, Volunteers Payable, Other Current Liabilities, Loans Payable, Other Long-Term Liabilities, Net Assets, Income, Cost Of Goods Sold, Expenses, Other Income/Expenses.
The "G/L Chart Of Accounts, Expenses" screen shows an example of using an account type filter.
The "Update A G/L Account" screen defines the characteristics of the G/L Account, and can be used to create a Sub-Account of another Account. Each new account is assigned a currency type, using the organization's Base Currency Type as the default, and a unique ID.
Each Account is also assigned an internal account number that determines its sort order on the financial statements (shown at the bottom with the # sign). This is calculated based upon the other accounts within the Account Type and whether or not it is a sub-account (or sub-sub-account, etc.) Each Account Type has an associated numeric value, such as Petty Cash (01), Undeposited Funds (02), Cash At A Bank (03), Investments (04), Accounts Receivable (05), Prepaid Expenses (06), Inventory (07), Other Current Assets (08), Land (11), Depreciable Assets(12), Other Long-Term Assets (13), Salaries & Wages Payable(21), Lines Of Credit Payable (22), Accounts Payable (23), Credit Cards Payable (24), Employees Payable (25), Taxes Payable (26), Volunteers Payable (27), Other Current Liabilities (28), Loans Payable (31), Other Long-Term Liabilities (32), Net Assets (41), Income (51), Cost Of Goods Sold (52), Expenses (61), Other Income/Expenses (91).
The "Add A G/L Account" screen requires an Account Type...
And a Currency Type. Any currency can be set up on any account for multi-currency accounting requirements. However, you'll have to also define Exchange Rates in order to actually post to an account with a particular currency.