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This topic require you to have fairly good accounting knowledge. You may want to seek your accountant or our support team for assistance.

 

When you create a new accounts (chart of accounts), you need to click on the [Classification] to assign this account to a single class.
 
There are A00 to J00 (Balance Sheet) and K00 to R00 (Profit and Loss).

 

: View Account classification

 


 

           

 

 
 
Financial statements are generally make up of 2 major reports; Balance Sheet and Profit and Loss statements

(Other accompanying reports like cash flow statements that comes from the Balance Sheet and Profit and Loss, presented in different form.)

 

In each reports, there are general classification of :        
 a)  Long term asset, current asset, current liabilities, non-current liabilities, share capital, reserve ( Balance Sheet)
 b)  Revenue, Cost of sales, expenses, etc. ( Profit & Loss)

 

Account Classifications are parent (header) account which will further sub-class into individual accounts (child) in the Chart of Accounts

 

 


A typical balance sheet and profit and loss report will appear as per below. Where the printed in blue and red are called classification

 

 

 

For example, under current asset, each classification, there will be Banks, stocks, deposits, trade receivables, prepayments etc

 

       

 

 

Or if your company open a new bank account, you need to indicate to the system that this bank account is to be under the current asset (or current liabilities, if it is a bank loan)

 

The pre-set Account classifications as shown below.

 

From A00 to J00 are Balance Sheet items,

 

Nature of the accounts is preset to be D (Debit ) or C (Credit).

 

From K00 to R00 are Profit & Loss items.

 

 

 

 

FAQ: Can I change the expenses code from O00 to E00, so as E is in line with Expenses ?

Answer : You cannot change the order of the classification as it follows the presentation layout of the sequence of the balance sheet and profit & loss. It is hard coded in the system. Classifications determine the position of the accounts in the financial statements.

 

Note: The classification code is set as A00 (zero, zero) B00 (zero, zero) etc…. not AOO, BOO

 

Any time you add a new account to your chart of account listings, you need to “tell” the system where this account is to be classified (presented). Whether it is a current asset or current liabilities or fixed assets, etc in the Balance Sheet or Sales income, Costs of sales, Expenses etc in the Profit & Loss.

 

When creating new accounts code in the Chart of Accounts, if this new accounts is Current Asset in nature, you need to classify as D00

 

 

 

To modify the class code name.... Read more...

 
   
 
 

To add new classification code...Read more...

 
 
 
 
 
 
 

 

 

 

 

 

 

 

 


Related Topics

Balance Sheet report showing Accounts classification

 

 

 

 

 

 

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