Chart of Accounts

In this window, you can change the client's chart of accounts and map which statement items the accounts belong to. You can edit the chart of accounts from:

• The Chart of accounts button located in the Trial balance window
• The main section in the Edit Engagement Approach window

As a rule, at the beginning of a new engagement, the chart of accounts is empty. It can be loaded through:

• Import trial balance - the standard and easiest way. The Update accounts option must be selected.
• Edit list in the window - through the means available in Data edit table, such as Copy & Paste, or the Import Wizard.
• When creating a subsequent engagement - when you complete an engagement and open a new one, you can also transfer the trial balance.

Once the chart of accounts is imported, you must map which statement items the accounts belong to. This mapping is necessary for:

• Generation of Statement of financial position and Income statement
• Generation of Mapped trial balance and Financial statement items
• Using Lead schedule type of working paper

For the mapping of accounts, two main approaches are available:

• Using a 1-column nomenclature which unites the Statement of financial position and Income statement items (named FS Lines). The selected item will be automatically filled in the column of the respective statement.
• Using a 2-column nomenclature - one for the Statement of financial position items and one for the Income statement items. The selected item will be automatically filled in the FS Lines column.