Your Chart of Accounts (COA) is a financial organisational tool that provides a complete listing of every account and transaction in your accounting system
The Chart of Accounts are typically split into one of five categories: assets, liabilities, equity, income or expenses
Use the General Ledger Copy Master Code List utility to easily import the Win Accounting Default G.L Account Codes from the Sample Company - Or copy account codes from your existing companies
Accounts are generally listed in order of their appearance in the financial statements, beginning with the Balance Sheet (assets, liabilities & owner’s/stakeholders’ equity) and continuing with the Income Statement (operating and non-operating revenues/gains and expenses/losses)
When adding a new account to your Chart of Accounts, Win Acc makes it easy for you to add a relevant General Ledger Account Number, Account Type, Account Level, Opening Balance and Column Number
You can also assign a Cost Centre to the relevant Account and insert monthly Budgets and Forecasts with ease
Your Account Number will be made up of 8 characters, split into two 4-part sections. Your Cost Centre Code will be the final 2 digits added to the 6-digit account number in order to make up the Chart of Accounts Code
Easily insert, modify and maintain your Chart of Accounts using the Win Accounting General Ledger Maintenance Tab
Maintaining Your Chart of Accounts:
Inserting a New Account
(General Tab)
How you configure your Chart of Accounts will be based on the size and needs of the individual business
With this in mind, you are required to enter an Account Number, assign a Cost Centre and Account Type, as well as select an Account Level and Column
Setting the Account Level as "1" will indicate that it's a Data/Details Account, a level between 1 and 7 will indicate Account Totals, Level 8 adds the account to your Balance Sheet with a single dotted line, while Level 9 has a double dotted line
Check whether this account is a Bank Account,and set the Balance Type of the account
Default Account Types include Current Assets, Fixed Assets, Current Liabilities, Long Term Liabilities, Owner’s Equity, Income, Gross Profit, Expenses and Bank
Note: additional account types can quickly and easily be added from the Account Type List window
If necessary, enter an Opening Balance for the new account - although for reporting-purposes it's recommended to rather add Opening Balances via the Enter and Post section
From here, either move to the "Budgets" and/or "Forecasts" tabs, or click the "Ok" button to save the account
Inserting a New Account
(Budgets Tab)
From this tab you can easily insert Account Budgets for each month
Budget/Month orders will be based on your General Ledger Accounting Periods (found in the System Parameter settings)
Enter your Budget Total for the fiscal period into the Budget 13 slot
Inserting a New Account
(Forecasts Tab)
From this tab you can easily insert Account Forecasts for each month
Forecast/Month orders will be based on your General Ledger Accounting Periods (found in the System Parameter settings)
Enter your Forecast Total for the fiscal period into the Forecast 13 slot
