Table of Contents
Overview
The Account Categories screen is used to set up all account categories used by your company. For each account category defined you must assign an account number range, the account type (asset, liability, capital, revenue or expense) and the reporting order for the category.
Assigning the category a pre-defined account number range enables future accounts to be added to the correct category. Additionally, the corresponding report order will print new accounts in the correct order on reports and financial statements saving countless hours of analyzing incorrect report setup.
Category Fields
Category - Enter the account category.
Description - Enter the description of the category.
Low Range - Enter the low GL account number for the range.
High range - Enter the high GL account number for the range.
Account Type - Select the account type from the drop down menu. Your options are Asset, Liability, Capital, Revenue and Expense. There should only be one range for each category.
Report Order - Enter the report order number. By setting the report order in this screen, you can have the system automate a financial report format based on the report order established here. As a general Rule your report order Number should match the Low GL number for that category range
Sub-categories
Before setting up the Chart of Accounts, you must determine ranges for the sub categories for the chart of accounts. These ranges will later be instrumental in creating flexible financial statements with ease. Sub-categories break down an account category to provide the user with the ability to track infinite amounts of detail in the general ledger while easily aggregating all information for reporting purposes.
Place the cursor on the account Category that you would like to create sub-categories for.
Sub-Category - Enter the Sub-category code.
Description - Enter a title description for the code.
Low - Enter a low range for the GL sub-accounts.
High - Enter a high range for the GL sub-accounts
Report Order - Enter the report order number. By setting the report order in this screen, you can have the system automate a financial report format based on the report order established here. As a general Rule your report order number should match the Low GL number for that sub-category range
Continue entering until all the sub categories have been entered.
To move to the next category place the cursor on the next Category field and repeat the process.
