12.1.2. Account Element

The Account Element window, located in the Performance Analysis -> Accounting Rules menu, is used to define the accounting elements (accounts) and their corresponding parameters required for accounting transfers.

An account element is required for each accounting schema and all the element values can be either imported or defined here. When installing SocrateCloud, after having imported the account element, the window will display the accounting elements and the corresponding hierarchy. This window will be used to add new accounts, change parameters related to existing accounts or add new values for user defined accounts.

The following fields are available:

• Name, Description - relevant name and description for the record;

  • Value Format - formatting rule for the account element value. Can contain fixed format elements, variables, etc.

• Type:

  • "Account" -> Natural Account

    • checked - the account plan is used as the main account element when registering accounting transactions;

    • not checked - the account plan is as an account element for analysis;

  • "User Defined" -the account plan is used to group "User" type elements;

    • Balanced - indicates whether the final balance for accounting transaction with this element should be 0 (debit = credit);

  • Tree - account element value tree;

    • Note: each account element must have it’s own corresponding tree, which must be used only for the respective plan;

  • Copy Details button - is used to copy elements values from another account element;

The Element Value tab is used to enter and manage accounts (account element values). On the left side the element value tree is displayed. New element values will be added at the bottom of the tree. The position and corresponding summary level can be edited using drag&drop. On the right side the element value records are displayed. The following fields are available:

• Search Key, Name, Description - relevant name, search key and description for the record;

  • Account Type - will determine the applicable taxes and is used to validate the customer and vendor accounts.

    • "Asset"

    • "Liability"

    • "Revenue"

    • "Expense"

    • "Memo" - this account type will not appear on the balance sheet;

    • "Owner's Equity"

  • Account Sign - the sign and calculation method for this account;

  • Summary Level - check if the account is used as a parent account. If not selected, the corresponding transfer parameters need to be selected;

• Document Controlled - prevents GL journals from being manually entered for this account;

• Bank Account - indicates whether this account is linked to a bank account;

  • Bank Account - the corresponding bank account defined in SocrateCloud

  • Foreign Currency Account - indicates whether the bank account uses a different currency than the accounting schema;

• Post Actual, Post Budget, Post Statistical - the transfer type for which the account is used;

  • "Actual" is the transfer type used for accounting transactions resulting from operational documents;

• Account Group, GAAP (informative) - predefined classification methods for accounts. Can be used to generate special reports in SocrateBI;

  • the available groups can be defined using the Account Group window.