When you install Accounting Seed you are provided with a skeleton Chart of Accounts as part of the install. It is expected that you will need to add, delete and/or edit these records to create your own Chart of Accounts.
Here’s how we recommend editing the installed Chart of Accounts.
- Delete the GL Accounts that came with our installation package and that do not have any Transactions, Financial Cubes, or Accounting Settings associated with them.
- If GL Accounts have transactions posted to them that you need to keep, and therefore cannot delete, you can rename the GL Account that cannot be deleted.
- Upload the rest of your Chart of Accounts (excluding the GL Accounts that you have already renamed in Accounting Seed).
- For any GL Accounts associated with an Accounting Setting, you can replace that with the right GL Account from your uploaded list of accounts. If you do this, be sure to delete the GL Account that came with the Accounting Seed Installation.
- Once your Chart of Accounts contains the correct GL Account records, you will need to ensure the Type, Sub Type 1, and Sub Type 2 values are correct for each GL Account. See Change Values for Sub Types on GL Accounts for instructions.
- If you elect to set up Cash Flow categories, then you will do this by adding and editing GL Account records of type Cash Flow. See the Cash Flow Statement Setup article.
Note: 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.
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 could 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|