Accounting Setup

User Access

Navigation: Main Menu > Setup > Settings > Users (tab)

• Setups > Setup Accounting - Access Allowed: Checkbox. If checked access is allowed to the accounting setups (i.e. the functions that are here: Main Menu > Setup > Accounting).

Account Categories

Navigation: Main Menu > Setup > Accounting > Categories (tab)

ℹ️ Account Categories refer to the categories used in the Chart of Accounts and Financial Statements (e.g. Assets, Liabilities, Equity, Income, Expenses).

Fields Explained

• ID / RID: The system-generated number for the category.

• Description: The category's description.

• Type: The Type of category which is selected from this dropdown list:

  • Revenue

  • Cost of Sales

  • Expenses

  • Equity

  • Assets

  • Liabilities

• Report: A dropdown list allowing users to select how the category must be reported in terms of VAT. The options are:

  • Inc. VAT: The amounts on reports include VAT. Mostly applies to Statement of Financial Position entries (e.g. Bank, Payables, Receivables).

  • Exc. VAT: The amounts on reports exclude VAT. Mostly applies to Statement of Profit or Loss entries (e.g.  if the VAT component is removed from the transaction and transferred to the VAT Control account).

  • VAT: Should only be selected for the VAT Control account. 

• Menu (...): Option to delete the category if it has not yet been used. (Click the column to display an X. Click the X to delete the entry.)

List of Accounts

Navigation: Main Menu > Setup > Accounting > Accounts (tab)

ℹ️ This interface lists the accounts (Chart of Accounts) and allows accounts to be edited or created.

Buttons Explained

• Rebuild: Rebuilds the data tables (See Rebuild below).

• Edit: Allows the accounts to be edited.

• Save: Saves any changes.

• Actions > Order Accounts alphabetically: Alphabetises the accounts within their categories and parent accounts.

• ?: Opens the online documentation.

• Add Account: Opens a blank entry at the bottom of the list for users to complete.

• Menu:

  • Email Excel: Emails the list of accounts.

  • Export Grid: Allows the list of accounts to be saved in .xlsx format.

Filters Explained

• Category: A dropdown list of categories to display only accounts that are in the selected category.

• Order Accounts: Checkbox. If checked, orders the accounts alphabetically within a category. A category must be selected else the first category on the list is automatically selected. 

Fields Explained

• ID: The system-generated number for the account.

• Name: The name of the account.

• Code: The account number (optional).

• Category: The category as created under Account Categories (see above). Accounts must be allocated to a category.

• Default: Default Accounts must be created to manage certain functions (e.g. VAT reconciliations, transferring the profit or loss to Retained Earnings). The default options that must be allocated are:

  • Accrual: This default can be added to multiple accounts. Accrual accounts are shown on the Financial Statement's Dashboard to alert owners and managers of outstanding transactions that may affect the reports.

  • Bank: Select this default for all bank and cash accounts. If multiple entities were created, bank accounts must also be linked to a specific entity.

  • Retained Income: Select this default only once for the equity account: Retained Income.

  • VAT Control: Select this default only once for the current liability account: VAT Control.

• Currency: Applicable to bank accounts. Specifies which currency the bank account is in.

• Import: Applicable to bank imports. Provides a dropdown list of supported imports for users to select one.

• Menu (...): A context menu with the following options:

  • Change Currency (Enables Currency column for editing): Allows bank account currencies to be edited.

  • Next Under: Provides a dropdown list, for an account to be changed into a sub-account.

  • Delete: Deletes the account if it has not yet been used.

  • Move Up: Moves the account one line higher.

  • Move Down: Moves the account one line lower.

Warnings Explained

How to resolve or understand these warnings:

• A Bank Account is not linked to a Currency: 

  • • Select a currency in the Currency column.

• A Bank Account is not linked to an Entity (in a multi-entity environment).

  • • Select an entity in the Entity column.

• An Accounting Group is used in one or more Transactions.

  • • The accounts cannot be deleted, nor can sub-accounts be added.

• A grouped Account is linked to a different Category than the Parent Category.

  • • Change the sub-account's category to match the parent's category.

• Duplicate Account name or Code.

  • • Change the name of code of one of the accounts.

Rebuild Function Explained

ℹ️ If a warning icon appears on the Rebuild button, click it. 

• Transactions form the basis of the accounting systems. 

• When a Transaction is saved, a cascading record is updated to a very light table (TRIALITEMS) which is used to generate the accounting reports. 

• This process ensures that reports are generated quickly, even when there are many years of accounting data in the database. 

• It also provides the freedom to update Accounting Settings without breaking anything. 

• The Rebuild function recreates all the cascading transactions based on any changes and only takes a few minutes, even with large databases.

Related Topics

• Tutorial: Chart of Accounts