Chart of Accounts Fields

Chart of Accounts Documentation

This is a list of fields in the Chart of Accounts record and a definition for each.

Account Information Fields

• Account Number: (Required)

  • Description: The unique identifier for an account in the chart of accounts. This number is used to classify and record transactions in financial statements according to Generally Accepted Accounting Principles (GAAP).
  • Example:
    • 1000: Cash
    • 2000: Accounts Payable
    • 3000: Equity
    • 4000: Revenue
    • 5000: Cost of Goods Sold (COGS)

• Description: (Required)

  • Description: A brief description of the account.

• Type: (Required)

  • Description: The type of account (A = Asset, L = Liability, E = Expense, S = Sale, C = COGS).

• Controlled:

  • Description: Indicates whether the account is controlled. If this is checked, you will be required to provide a control value for each posting.

• Accounts Receivable:

  • Description: Indicates if the account is used for accounts receivable. If checked, an AR Detail item will be created for each posting to this account.

• Accounts Payable:

  • Description: Indicates if the account is used for accounts payable. If checked, an AP Detail item will be created for each posting to this account.

• Cash Account:

  • Description: Indicates if this account is a cash account.  These accounts are used in AR Deposits to receive payment for Invoices and AP Payments to pay Vendor Invoices.  

• WIP Account:

  • Description: Indicates whether this account is a Work In Progress (WIP) account. If this account is populated with a value different from the account number and accrued accounting is on, this account will be used for the WIP entries.  Accrued Accounting is turned on on the Company Page by setting the Accrue WIP Entries checkbox on the Accounting Tab.  

• Accrued PO Account:

  • Description: The account associated with accrued purchase orders.

• Next AP Check No:

  • Description: The next Accounts Payable check number to be used.

• Next AP EFT No:

  • Description: The next Accounts Payable EFT number to be used.

• Old Account Number: (Not visible to users, contact support to change)

  • Description: The previous account number, if this account was migrated or renumbered.

• Inactive:

  • Description: Indicates whether the account is inactive.

Reporting Fields

• Report Type: (Required)

  • Description: The type of report this account is used in (Balance Sheet, Profit/Loss).

• Branch:

  • Description: The branch associated with this account.

• Department:

  • Description: The department associated with this account.

• Sort1-Sort6:

  • Description: sets up the Sales by Salesperson and Department Report to return data. Example- Parts Department Sale Account would be setup with Sort 1- Sales and Sort 2- Parts. Service Department Sale Account would be setup with Sort 1- Sales and Sort 2- Service.

• Section and Section Group:

  • Description: These provide sections and groups to financial reports. Example: Section- Current Assets / Section Group- Cash/AR. Section- Current Liabilities / Section Group -Payables 

• GP Account #:

  • Description: This field is used to help tie revenue and cost accounts together for reporting. It is recommended to set this as the same account number entered in the Account Number filed if it is a revenue account and If setting up a cost account, this number would be the corresponding revenue account number.

• Item:

  • Description: An additional filed for reporting. If you are using an account to track a specific whole good this can be used for additional information.  

• Item Description:

  • Description: A brief description of the item.

Currency Exchange Fields

• Currency Type:

  • Description: The type of currency associated with this account. This is required if you are using the Currency Exchange feature.

• Currency Exchange Account:

  • Description: The account used for posting currency exchange differences.

Bank Information Fields

These fields are used to print bank information on your checks if you are not using a pre-printed check:

• Bank Name: (Not visible to users, contact support to change) 

  • Description: The name of the bank associated with this account.

• Bank Id: (Not visible to users, contact support to change) 

  • Description: The bank identifier.

• Bank City: (Not visible to users, contact support to change) 

  • Description: The city where the bank is located.

• Bank State: (Not visible to users, contact support to change) 

  • Description: The state where the bank is located.

• Bank Postal Code: (Not visible to users, contact support to change) 

  • Description: The postal code for the bank's location.

• Currency Id: (Not visible to users, contact support to change) 

  • Description: The currency identifier associated with this bank account.

• Bank State/Province: (Not visible to users, contact support to change) 

  • Description: The state or province where the bank is located.

• Bank Country: (Not visible to users, contact support to change) 

  • Description: The country where the bank is located.

• Account Number:

  • Description: The bank account number. 

• Bank Routing Number:

  • Description: The routing number of the bank associated with this account.

Mexico Tax Fields

• Initial Tax Flag:

  • Description: Indicates if this account is subject to tax.

• Paid Tax Account:

  • Description: The account associated with paid taxes.

• Paid Tax Profit Account:

  • Description: The account associated with profit taxes.

• Paid Tax Loss Account:

  • Description: The account associated with loss taxes.

PeopleSoft Fields

These fields are used for the PeopleSoft Integration:

• PS Company:

  • Description: The company associated with this account.

• PS Account:

  • Description: The PeopleSoft account number.

• PS Location:

  • Description: The location associated with this account in PeopleSoft.

• PS Dept:

  • Description: The department associated with this account in PeopleSoft.

• PS Product:

  • Description: The product associated with this account in PeopleSoft.

• Ignore COGS:

  • Description: Indicates whether to ignore this account in Cost of Goods Sold (COGS) calculations for PeopleSoft.