The Chart of Accounts is the core of the SedonaOffice application; all financial transactions saved contain at least two G/L Account Numbers from the Chart of Accounts list. For the most basic transaction one G/L Account is used for the debit and a different G/L Account is used for the credit side of the transaction.
The Chart of Accounts is divided into two basic account groupings; Balance Sheet Accounts and Income & Expense type Accounts. When setting up your company Chart of Accounts, each G/L Account is assigned to an Account Type. The Account Type determines whether the transactions posted to the account will appear on the Balance Sheet or the Income Statement. A list of the available Account Types and their definitions may be found on the next page.
The Retained Earnings GL Account within SedonaOffice is a balance sheet equity type of account. The balance in this account is a calculated value; the net of all income and expenses. This amount is calculated when closing a fiscal accounting year. Users cannot make Journal Entries into this account.
New G/L Accounts may be added at any time and accounts that will no longer be used may be retired by setting the G/L Account to Inactive. All historical transactions posted to an account that has been inactivated will remain in the database, however this account will no longer be available for future use. Prior to inactivating an account, make certain the account is not being used as a default account in a SedonaSetup table; if this is true, change the default to another account.
G/L Accounts may be deleted only if there has never been any activity in the account. If your company has closed at least one Fiscal Accounting Year, and there was no activity in the account at the time of the close, the account will not be available for deletion because the account has become a part of the Fiscal Year history. The User will only be able to set the account to inactive.
Account Types
The Chart of Accounts is divided into two basic account groupings; Balance Sheet Accounts and Income & Expense type Accounts. When setting up your company Chart of Accounts, each G/L Account is assigned to an Account Type. The Account Type determines whether the transactions posted to the account will appear on the Balance Sheet or the Income Statement.
Follow the links below for topics related to the Chart of Accounts
Add a New G/L Account
Inactivate a G/L Account
Edit a G/L Account