Description
Create and edit your chart of accounts to use across all Locations, and adjust the settings for the Ledger Accounts with regards to which Locations the Account can be used with, whether that Ledger Account should remeasure, which SubType and Report Group the Ledger Account belongs to (for report mapping), and name/number convention.
If you're interested in reviewing Softledger's default chart of accounts, please access here.
Create/Edit Ledger Account
Enter all required fields and click submit. You can also click the down arrow next to the submit button and click 'Submit and New' to open a new blank Ledger Account to complete.
Number - Unique account number. Note: Must be only Numbers (no other characters) and max length of 16 digits.
Name - Name of the account.
Description - Optional Extra information.
Report Group - Rigid set of groupings of accounts (see options below)
Type - Account Type (Asset, Equity, Expense, Liability, or Revenue)
Sub-Type - Account Sub-Type (User generated groupings of Accounts generally used later for custom report mapping)
Location - Root Location (entity) this account is associated with (Please note, unless you need to create different charts of accounts per entity, the Location dropdown can be set to Global).
Natural Balance - Account natural balance (either debit or credit).
Inter Company Account - Option to set a default account to populate when creating inter company entries for this selected account.
Include Child Locations - Push this account down to all children of the selected Location. On - Allow posting journal entries for this Ledger Account to this account's Location's children. Off - Only allow posting journal entries for this Ledger Account to this account's Location. For more information see here
Remeasure Forex Rates - Set On for any accounts that will be need to remeasured for unrealized foreign currency gains and losses at month end.
Inactive - Toggle this On if you would like to deprecate an account, but keep Off if you want this account to be available
Note: Report Groups are tied to Ledger Account SubTypes, so when creating Ledger Accounts, select the SubType first. When creating a new SubType on creation of a Ledger Account, you can then select the appropriate Report Group for the Ledger Account.
Report Groups
See the below options for Report Groups. Within SoftLedger, you can map SubTypes to Report Groups. In general, Report Groups are assigned against each Ledger Account based on the SubType selection automatically, and users can create new and custom SubTypes to later be used for mapping to Financial Statement reports.
Options for Report Groups:
Cash
Accounts Receivable
Other Current Assets
Other Current Liability
Other Assets
Fixed Assets
Accounts Payable
Long Term Liability
Retained Earnings
Equity
Revenue
Cost of Revenue
Other Expense
Operating Expense
Other Income
Account List Actions
Edit - Update Ledger Account details.
Delete - Delete this Ledger Account (could fail if another object such as Journal Entries are using this).
Copy Account - Create a new Ledger Account using the same information for an existing Ledger Account (except the Number will need to be new and unique).
Bulk Update
To bulk update any values in your Chart of Accounts, please select desired Accounts and click on Update.
Bulk Upload
To Bulk Upload your COA, please navigate to Dimension Upload under your Admin module.