Follow these steps to set up a new account:
| 1. | Select the Chart of Accounts option on the Ledger Menu and then select the Add button to enter new account information on the Settings Tab. |
•Account - Enter the general ledger account number. This field is numeric only and may contain up to five digits plus two decimal places.
| The decimal places may be used to insert an account between two existing accounts, or they may be used to denote 'sub' accounts of a primary account. For example, accounts 10101.00, 10101.01, and 10101.02 may all represent different checking accounts. Account descriptions such as 'Fixed Assets' or 'Current Liabilities' do not need to be set up in the Chart of Accounts since these descriptions are considered 'Account Types' and are assigned separately (see below). |
| The account decimal place may also be used to denote company divisions on the ledger reports. For example, if your company has a California division and an Arizona division, the costs may be separated by setting up accounts that represent each division (ie. .01 = California; .02 =Arizona). Then, a custom report can be created to print only a single division. |
 | Note: Account 30400.00 is a reserved account number that is used by the MAR Balance Sheet to hold the Net Income for the reporting period. Do NOT set up this account number in your Chart of Accounts for your Net Income or for any other account purposes. If you have already posted transactions to this account, please contact AccuBuild Support at steam@accubuild.com to have a technician modify the account number for you (GLMaster, GLDetail). Setting up account 30400.00 in the Chart of Accounts will cause the MAR Balance Sheet to replicate the Net Income multiple times. |
•Description - Enter the account description.
•Type - The chart of accounts is made up of two types of accounts: Balance Sheet and Income Statement. The balance sheet accounts include the assets, liability and owner's equity accounts and will NEVER be rolled to zero at the end of the fiscal year. The income statement accounts include income, direct job expense and overhead expense accounts. The income statement accounts will ALWAYS be rolled to zero at the end of the fiscal year, and the profit or loss amount will be posted to the company's retained earnings account (a balance sheet account).
•Group - The group number is used to control the subtotals that are printed on the trial balance report. The group numbers should be set up in such a way that similar account types are grouped together. For example, the asset accounts can be assigned to group '1', the liability accounts can be assigned to group '2', and so on.
•1099 Code - This code is used to indicate whether or not any expenses that are charged to this account are subject to 1099 reporting. Select 'NEC' if this account represents a non-employee compensation expense account, or select 'Rent' if this account represents some type of rental expense for such things as equipment rentals, office rents, etc. Note: Please refer to the I.R.S. instructions for processing 1099s to determine which type of expenses are subject to 1099 reporting.
•Account Type for Financial Reporting - This field is used for classifying the accounts on the financial reports in MAR. Select the account classification from the drop down list. You may edit or update the list of account types from the Ledger > Account Type Codes menu option. You may also find it easier to assign account types through the Ledger > Account Type Links menu option.
•Current Year's Balance - This field represents the current fiscal year balance of the account and this field may not be edited.
•Prior Year's Balance - This field can be edited and, in most circumstances, should only be changed when setting up a company for the first time as this field will be automatically updated by AccuBuild when the fiscal year end is closed. The amount represents the ending balance as of the prior fiscal year for each balance sheet account. The alternate method for establishing the beginning balances is to enter a post closing journal entry dated the last day of the prior fiscal year.
•Next Year's Balance - This field represents the total of all activity on an account including those entries posted into a future fiscal year. Entries can still be made into a future fiscal period even though the fiscal year end has not been closed. The Next Year's Balance field is read-only and may not be edited.
•Next Year's Activity - This field is the total of all entries that have been posted to a future fiscal year. This field may not be edited.
•Annual Budget - This field can be used to enter an annual budget amount on any general or administrative expense account. The financial statement generator may be used to build a report that would compare the accounts' annual budget to the total annual actual costs.
•Job Cost and Equipment Cost Controls - If the account will be used in conjunction with either a job/phase code and/or with an equipment code, then be sure to click on the Job Cost Account and/or Equipment Cost Account options as applicable. You may then select whether each type of cost account is a direct cost or an indirect cost. (Indirect cost accounts are those accounts that may accumulate costs that are job cost or equipment cost related but not charged DIRECTLY to a job or to a piece of equipment. These accounts may be later used to allocate a portion of the indirect cost to each job or to each piece of equipment.)
•Inactive: Mark one or more GL Accounts in the Chart of Accounts Screen as Inactive by checking the new Inactive Checkbox.Any Inactive account will NOT be available in the designated A/P Entry Screens when this new Advanced Setting is enabled. You may still mark an account as inactive on the Chart of Accounts for internal purposes, but without the Advanced Setting enabled, the Inactive Checkbox is ignored. NOTE: The new Inactive setting is linked to the glmaster.miscbool2 field.
| 2. | Select Save to record the data or select Cancel to erase your entries. Saved account information may be changed by selecting the Edit button. Accounts that do not have any historical transactions may be removed by selecting the Delete button. Refer to the section titled Historical File Maintenance in the System Administrator for more information on removing detail records. |