Account Setup

Purpose

You may wish to use your own chart of accounts. For example, your accountant might have already created a chart of accounts for you, or you may have been using some other accounting software before moving up to Integral Accounting and wish for your accounts to be the same. In any case, Integral Accounting makes it easy to change or edit your chart of accounts. Using this form you can change the account type and other information, and set up hierarchical report types for financial statements.

 

Usage

1. Enter Account Information

From here you can edit specific information about the account, or create a new account. You can change the name, type, and reporting level, add notes, and so on.

Account Number - This is the number of the account. Certain account types are constrained to have numbers within specified ranges:

100000-199999 Assets

200000-299999 Liabilities

300000-399999 Equity

400000-499999 Sales

500000-599999 Cost of Goods Sold

600000-999999 Expense

All of the following fall under the Assets classification: Cash, Accounts Receivable, Inventory, Other Current Assets, Fixed Assets, Accumulated Depreciation, and Other Assets

All of the following fall under the Liabilities classification: Accounts Payable, Taxes Payable, Other Current Liabilities, and Long Term Liabilities.

Account Name - This should be an easily understandable name that defines the purpose for which the account will be used.

Account Type - The Account Type can be either a Report Title or an accounting category. This other category is constrained by the first digit of the Account Number, as listed above. If the account type is not Report Title, then the account can be used for posting, can have balances, and can store information. If, on the other hand, the Account Type is Report Title, then this account is used solely to separate and group other accounts in the chart of accounts. A Report Title account will show up in financial reports to divide the accounts, though it will not show any balance information. A Report Title account can not be selected for use in transactions.

Balance Type - There is an additional field to the right of the Account Type field, to indicate whether this account typically shows a debit balance or a credit balance.

Account Balance - The Account Balance can only be set via accounting entries. You can, however, change the account balances for the budget and prior year, as described in Accounting -- Balances.

Reporting Level - This field is used to provide hierarchical groupings of accounts in financial reports. The reporting level can range from one to five. Accounts will be arranged numerically by account number on the financial statement. When you initially select the financial for viewing, though, you can choose what level of detail you want to see. The level of detail corresponds to this Reporting Level. For further explanations of how Reporting Level works, see Reports -- Select Report.

Bank Account Number - If the Account Type is set to Cash, then this account can be used to represent a bank account, checkbook, or credit card. To that end, the Bank Account Number field is provided so that you have the number ready for easy access. Any other information you may need can be stored in the Notes, accessed by clicking on the Notes button.

Next Check Number - If the Account Type is set to Cash, then this field is used to store the number that will be on the next check printed from this bank. You can change the number simply by typing a new one in the field. Integral Accounting will update this number whenever a new check is written against this account.