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 balancewindow - 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 - UsingLead 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.
When mapping, you can mark the ''-'' column for cases when the value
of the selected account should be taken with a reverse sign in
calculations.