Chart of Accounts Structure Features and Functions
The chart of accounts is a list of ledger account names and account numbers, creating consistency in terminology and eliminates redundant accounts. A chart of accounts structure should include fields for account and ledger descriptions, to prevent shadow accounts from being created. Data tree tools allow users to see the structure of the fields and summaries, to help with reporting requirements, foster change, etc.
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- Account structures, such as the name and order for each part of the account may be defined online
- Account numbers may contain upwards of thirty alphanumeric characters
- Defaults to required number of alphanumeric characters rather than requiring the maximum allowable
- Common chart of accounts
- Common chart of accounts for both the ledgers and the sub-ledgers
- Account numbers may be alphanumeric
- Hides account number or portions of account number during editing
- Hides account number or portions of account number while formulating account sequence
- Accounts, cost centers, and departments are ordered in a logical manner or in numeric sequence
- Accounts cannot be created until an initial transaction is posted
- Creates accounts in accordance with structure of the chart of accounts
- Account description field accepts up to twenty-five alphanumeric characters
- Specifies account types in structure
- The current balance of an account may be determined from within a chart of accounts.
- Account balances for the last twenty-four months
- Determines the size of the current period's budget for specific accounts
- Predicts the size of a future period's budget for specific accounts
- Alphanumeric account keys
- Statistical accounts, which specify user-defined values and descriptions containing information that is not monetary
- Create cost center entities, supporting up to at least 999
- Fields and segments can be defined in an account structure
- Analysis fields may be defined by users
- Sub-account codes for product lines within the account
- Intercompany accounts may be culled automatically
- Sub-account numbers
- Track multiple organizational divisions such as business areas and profit centers
- Tracks multiple entities in instances where each organization has a specific accounting structure
- Consolidates multiple entities (unlimited) results including calendars, chart of accounts, and currencies
- Manages structures for all levels of all organizations
- Comprehensive system reorganization facilities including the ability to relate a new chart of accounts to a previous one
- Multilevel hierarchy roll-ups as defined by the user
- Manage account hierarchies via a GUI interface (drag-and-drop)
- Chart of accounts and titles may have multiple entities, which can be consolidated
- Data fields using descriptive flexfields may be added without programming
- Assigns a particular currency to each account
- Specifies accounting periods, including monthly, quarterly, and year to date
- Fiscal year accounting periods are determined by the user
- Accounting periods may be designated by calendar or fiscal years
- Per-account entry on a monthly basis or annually by cost center
- Budget accounts for current and future year
- Accounts may be added to the chart of accounts with characteristics replicated for all departments
- Departments may be added to the chart of accounts with characteristics replicated for all expense accounts
- Budgets and accounts can be assigned to a department
- Associates titles and description information with all accounts
- Hides account numbers for reporting
- Maintenance of history for two years (viewing) and five years (reporting)
- Standard chart of accounts that can be automatically copied from one ledger to the new ledger. Results in the automatic creation of a standard set of financial statements, for example, balance sheets, income statements, and overhead statements
- Validity checks to ensure existence of standard accounts
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General Ledger Features and Functions
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