E1: 09: Overview of the Chart of Accounts (P0901/P09804/P0909/P0901WS/R09806/R09814/R0909R/R0909P/R09205P/R09206/R09207/R0901WS)
(Doc ID 2394187.1)
Last updated on FEBRUARY 17, 2023
A chart of accounts provides the structure for your general ledger accounts. It lists specific types of accounts, describes each account, and includes account numbers. A chart of accounts typically lists asset accounts first, followed by liability and capital accounts, and then by revenue and expense accounts. To design your chart of accounts:
- Begin your initial design with the major headings of your transactions.
- Then add your detailed transaction descriptions.
The following example shows types of accounts and their associated headings:
|Balance Sheet Accounts||Types of headings for balance sheets include:
|Income Statement Accounts||Types of headings for income statements include:
- After you have a complete list of transaction descriptions, you can assign numeric values to each description.
- You should also allow for growth and change by leaving spaces in the account structure.
- Define the last balance sheet account as the account for year-to-date net income or loss.
This document provides details on defining your Chart of Accounts and includes the following topics:
- Account Formats
- Defining the Chart of Accounts
- Model Chart of Accounts
- Dynamic Account Creation
- Chart of Account Revisions
- Reviewing the Chart of Accounts
- Account Master Word Search
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