Finance Manual - [Ledger, Master data, Maintenance, General ledgers]
[Ledger, Master data, Maintenance, General ledgers]
General tab
Account
Each general ledger account has a unique account number. Systematic numbering
will allow you to make the most effective use of your accounting system.
Systematic numbering means that the way in which your chart of accounts is
organized is expressed in the numbers of the general ledger accounts. This
allows you to reflect the link between general ledger accounts and
sub-classifications in your general ledger account numbers.
- Do not use an unbroken series of account numbers, but make sure enough
'unused' numbers remain in your coding system. This makes it easier to insert
additional accounts in a consistent manner later on.
A common numbering system is that of the decimal chart of accounts. In this
system, the chart of accounts has been divided into 10 categories. Account
numbers belonging to the same category all have the same first digit.
When designing your chart of accounts, you should also consider how you want
accounts to be totaled on the balance sheet and the profit and loss statement.
Accounts that immediately follow each other can be totaled on a subtotal
account. It is therefore advisable to leave some numbers unused between groups
of accounts, so that additional subtotal accounts can be inserted if
necessary.
Example
You have created the following accounts: '0020 Buildings',
'0024 Depreciation of buildings' and the subtotal account '0027 Book value of
buildings'. Do not start numbering the next account at '0028' but instead at
'0030'.
Description
Enter a clear description of the general ledger account you are creating.
Search code
Input of data is greatly facilitated by the fact that many master data items
have a search code. In input functions, you may use the search code instead of
the 'normal' code. In other words, if you have to select a debtor, you can use
either the debtor number or the search code
Subtotal account
Most general ledger accounts are not subtotal accounts. If an account is not
a subtotal account, select {No}. Select {Yes} to define a subtotal account or
{Empty} to define an empty account.
Balance sheet/P&L
Your selection determines whether the balance of an account is transferred to
the balance sheet or to the profit and loss statement.
Debit/Credit
Indicate whether the balance of the account should go to one of the credit or
one of the debit categories.
| Assets
Expenses
| Liabilities
Revenue |
Type of account
This field is important for VAT completion in the cash and bank journals. In
those journals, the type of account determines whether a VAT amount should be
entered in the 'VAT to pay' or the 'VAT to claim' account. Select {Turnover
account} if the VAT amount should be entered in the 'VAT to pay' account by
default. Select {Cost account} if the VAT amount should be entered in the 'VAT
to claim' account.
If you select {Neutral account}, the VAT on positive amounts will be
considered VAT to pay and the VAT on negative amounts will be considered VAT to
claim. When you make entries in the cash or bank journal, it's essential to know
the type of account to avoid errors. This is particularly important when you
enter credit notes.
! The above does not apply in the
purchase, sales and general journals. In the purchase journal, the VAT amount is
always entered in the 'VAT to claim' account, whereas in the sales journal it is
always entered in the 'VAT to pay' account. In the general journal, VAT entries
should be made manually.
VAT code
VAT codes are used to facilitate working with VAT entries and VAT returns. A
VAT code contains data on the VAT percentage used, the accounts in which the VAT
amounts calculated should be entered and whether amounts entered (e.g. invoice
amounts) are inclusive or exclusive of VAT.
Select the VAT code that should be used as the default for entries in this
general ledger account.
Sub-classification
Sub-classifications are used to group general ledger accounts in order to be
able to produce classified balance sheets. Select the sub-classification to
which this general ledger account belongs. Be consistent in your coding of main
classifications, sub-classifications and general ledger accounts. See
Classification plan.
Period allocation
When enabled and entering expenses / revenues on this g/l account extra
period allocation data needs to be entered allowing the expenses / revenues to
be allocated to multiple periods.
Period allocation account
When period allocation has been enabled the period allocation account
determines the suspense account used for period allocation. Note that this is an
override for the default period allocation suspense account as defined in the
general ledger links.
Percentage non-deductible
When you use Belgium country functionality you can enter here the
percentage of non-deductible vat. When you use this account in a financial entry
the non-deductible VAT percentage will be applied to the vat percentage
indicated in maintenance VAT codes.
Non-deductible VAT account
When you use Belgium country functionality you can enter here the
ledger account to which the non-deductible VAT should go when processing a
financial entry in which this ledger account is used.
Type of purchase VAT return
When you use Belgium country functionality this type indicates if and
how the vat applicable to this ledger account appears on theVAT return. The
options goods (box 81), services (box 82) and investments (box 83) indicate
specific boxes on the VAT return. Do not update VAT return means that neither
the VAT nor the basic amount on which the VAT is calculated will appear on the
VAT return. Always update VAT return means ONLY the vat will appear on the VAT
return, but not the the basic amount on which the VAT is calculated.
Options tab
Cost center account
Determines if cost center information may / must (see financial preferences) be entered
when creating an entry on this g/l account.
Cost unit account
Determines if cost unit information may / must (see financial preferences) be
entered when creating an entry on this g/l account.
Project account
Determines if project details may / must (see financial preferences) be entered when creating
an entry on this g/l account.
Result type
Overrides the default project result type (expenses / revenues) when creating
a journal entry in a cash / bank / giro or general journal. Entries created in a
sales journal always have default result type revenues, entries created in a
purchase journal always have default result type expenses.
Multi-dimension
Determines if multi-dimensional information may be entered when creating an entry
on this g/l account. When creating entries, you can choose from a list of
dimensions. These can be anything that will be useful to you in managing your
accounts e.g. countries, cities. You can define up to five dimensions in [File,
Company settings, Multi-dimensional entry, Settings]. You can specify as many
items within these as you want.
Assets account
Determines if asset data may / must
(see financial preferences) be entered when creating a purchase journal entry on this g/l
account.
Revalue
Amounts in foreign currency accounts are displayed in the default currency
calculated using the exchange rate. Foreign currency accounts should be revalued
from time to time. All accounts for which you checked this field will be
included in the automatic revaluation. Accounts that should be revalued include
foreign debtor and creditor accounts, foreign accounts, and foreign currency
bank accounts.
! Only balance sheet accounts can be
revalued since only these accounts represent assets or liabilities, the value of
which may change.
Compress
If you want entries in the same accounts to be compressed into one
transaction per posting number (assigned per journal and period), check this
field. The entries will naturally have different dates. This is why you should
enter a 'Date compressed transactions' when posting entries.
Whether or not transactions are compressed on the posting report depends on
what you defined in "Compressed posting report' in 'Financial preferences'
[File, Company settings, Financial preferences].
Quantities
Enable this setting if you want to be able to enter quantities when you make
an entry. The field can also be used for information purposes.
Block
If a particular general ledger account should not be used for entries made
directly in a journal, you can block that account. Entries in the account can
still be generated from other Exact packages.
Finance Manual > Contents
> Creating classifications, general ledger accounts and general ledger links > Creating general ledger accounts > [Ledger, Master data, Maintenance, General ledgers]
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| Main Category: |
Support Product Know How |
Document Type: |
Online help main |
| Category: |
On-line help files |
Security level: |
All - 0 |
| Sub category: |
Details |
Document ID: |
06.840.753 |
| Assortment: |
Exact Financials (v3)
|
Date: |
05-02-2007 |
| Release: |
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Attachment: |
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| Disclaimer |