Important Accounts - Do not inactive

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There are some accounts that are important to take notice of, that will be constantly referred to in this help file as a reference.

In the standard chart of accounts that is provided (pre-installed) in the system. User will be blocked from deleting them even though there is no transaction inside.

: Important accounts code that cannot be replaced


At [Setup] tab, click [Chart of Accounts]

 

You will see a list of chart of accounts already pre-set for your immediate use.

 

 

You can replace the accounts code and name , but do not inactive and create a separate account of the same thing.

Example if your

 

Trade Debtors Control change to Accounts receivables, ...click here...

Trade Creditors Control change to Accounts payables, ...click here...

Unappropriated Profit & Loss b/f change to Retained Earnings... ..click here...

 


1. Contra Accounts (also known as Suspense Account)

 - To be used when customer and supplier's accounts to be offset against each other.

 - Customer is also your supplier, buying and selling with the same entity

 - See Contra topic

 - This account balance must be always zero in your monthly or year end report


2. Trade Debtors Control - Third Party (or Trade Receivables, accounts receivables)

 - What the market owes your company in total

 - supported by the values reflected in the customers' aging report

- Trade Debtors Control change to Accounts receivables, ...click here...

 


3. Trade Debtors - Retail (For Retail use only)


4. Trade Creditors Control (or Trade Payables, accounts payables)

 What the company owes the market in total (Sum amount of all suppliers' owing to)

       - supported by the values reflected in the suppliers' aging report

 

 
Related Topic: Supplier Aging report , Compare with trade creditor control with aging ,


5. Exchange Gain / Loss - Actual
    Exchange Gain/ Loss - Unrealised

  Related Topic: Setup  - Company Profile
        Exchange Gain/Loss


6. GST Input Tax , Output Tax , GST Receivable / Payable Accounts (or GST Control a/c) 

   

     Input Tax

     Output Tax

             See Fast-Tax related


7. Bank 

   See Fast code - Bank , Receipt , Payment , Bank Reconciliation


8. Voucher Expense (for retail use only)

 


9. Opening Stock, closing stock

    See Opening Stock in GL opening balance  , periodic method


10. Accrued Salary

See Account Setup - Employee Master /Payroll


11. Material Cost 

 


12. Unappropriated Profit /Loss B/F ( Retained Earnings )

 

Note:

There can only be one unappropriated Profit and Loss account in your balance sheet regardless of the number of departments (or outlets) accounts you may have in your overall company financial statement.

 See Year-End Close , FAQ: Unappropriated Profit & Loss     FAQ: No posting to Unappropriated profit & loss account.

 

 

 

 

Related Topics

Not allowed to Delete Chart of Accounts Set to inactive only

 

 

 

 

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http://realtimme.cloudapp.net/basic/Important_Accounts.htm