When you install Accounting Seed you are provided with a skeleton Chart of Accounts as part of the install. You are able to delete and/or edit these records to create your own Chart of Accounts.
The only time Accounting Seed automatically creates GL Accounts is during the initial installation process. This means that for all subsequent Accounting Seed upgrades your Chart of Accounts will remain unchanged.
Changing a GL Account
To change a value of the skeleton chart of accounts simply navigate to the GL account record and click edit. You can change the name and click save.
Deleting Skeleton GL Accounts
To delete Skeleton GL Accounts please follow these steps:
- Unpost all transactions with the related GL account.
- Delete any remaining Financial Cubes associated with the GL Account.
- Navigate to the GL Account and click delete.
Skeleton GL Accounts created on Installation
Below is the Skeleton Chart of Accounts included with the installation of Accounting Seed. This does include the GL Accounts for the Cash Flow categories. It also illustrates how the Type, Sub Type 1, and Sub Type 2 field values can be set up.
|Editable Values||Non-Editable Values|
|GL Account Name||Type||Sub Type 1||Sub Type 2|
|1050-Unapplied Cash||Balance Sheet||Assets||Cash|
|1200-Accounts Receivable||Balance Sheet||Assets||Current Assets|
|1400-Prepaid Expenses||Balance Sheet||Assets||Current Assets|
|1500-Inventory||Balance Sheet||Assets||Current Assets|
|1600-Work in Progress||Balance Sheet||Assets||Current Assets|
|1700-Accumulated Depreciation||Balance Sheet||Assets||Fixed Assets|
|2000-Accounts Payable||Balance Sheet||Liabilities||Current Liabilities|
|2010-Vouchers Payable||Balance Sheet||Liabilities||Current Liabilities|
|2020-Accrued Expenses||Balance Sheet||Liabilities||Current Liabilities|
|2030-Accrued Payroll||Balance Sheet||Liabilities|
|2500-Deferred Revenue||Balance Sheet||Liabilities||Current Liabilities|
|3000-Owners Equity||Balance Sheet||Owner's Equity||Equity|
|3050-Retained Earnings||Balance Sheet||Owner's Equity||Equity|
|3060-Current Year Earnings||Balance Sheet||Owner's Equity||Equity|
|3900-Opening Balances||Balance Sheet||Owner's Equity||Equity|
|4000-Product Revenue||Revenue||Product Revenue||Product Family 1|
|4010-Services Revenue||Revenue||Product Revenue||Product Family 1|
|4900-Customer Payment Discounts||Revenue||Product Revenue||Product Family 1|
|5000-Cost of Goods Sold||Expense||Cost of Goods Sold||Materials|
|5020-Inventory Cost Variance||Expense||Cost of Goods Sold||Materials|
|5040-Vendor Payment Discounts||Expense||Cost of Goods Sold||Materials|
|5050-Labor||Expense||Cost of Goods Sold||Salaries & Wages|
|6000-Marketing||Expense||Sales & Marketing||Marketing Events|
|6050-Travel Expenses||Expense||Sales & Marketing||Sales Travel|
|6060-Meals and Entertainment||Expense||Sales & Marketing||Sales Travel|
|6070-Mileage||Expense||Sales & Marketing||Sales Travel|
|6500-Depreciation Expense||Expense||General & Administrative||Software|
|Distributions of Equity||Cash Flow||Financing|
|Interest Paid||Cash Flow||Operating|
|Interest Received||Cash Flow||Operating|
|Other Financing||Cash Flow||Financing|
|Other Investing||Cash Flow||Investing|
|Other Operating||Cash Flow||Operating|
|Payment for Fixed Assets||Cash Flow||Investing|
|Payments to Employees||Cash Flow||Operating|
|Payments to Suppliers||Cash Flow||Operating|
|Proceeds from Issuance of Debt||Cash Flow||Financing|
|Proceeds from Issuance of Equity||Cash Flow||Financing|
|Proceeds from Sale of Fixed Assets||Cash Flow||Investing|
|Receipts from Customers||Cash Flow||Operating|
|Repayment of Debt||Cash Flow||Financing|
|Taxes Paid||Cash Flow||Operating|
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