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Main accounts

The Main accounts page serves as the central repository for your organisation's chart of accounts. It defines the fundamental structural elements used to capture, categorise, and report upon all financial data within the General Ledger.

Prerequisites​

Prior to configuring main accounts, ensure the following foundational elements are established:

Creating a main account​

  1. Navigate to General ledger > Chart of accounts > Main accounts.
  2. Select New from the Action Pane.
  3. In the Account number field, enter a unique alphanumeric identifier.
  4. In the Account name field, enter a descriptive title for the account.

General information​

The General information FastTab houses the core configuration that dictates the account's systemic behaviour.

Account types​

The Account type determines the fundamental nature of the account and governs how its balances are treated during the fiscal year-end closing process.

  • Profit and loss: Accounts utilised for revenue and expense tracking. Balances are closed to retained earnings at year-end.
  • Revenue: A specific classification of Profit and loss designated for income.
  • Expense: A specific classification of Profit and loss designated for expenditures.
  • Asset: Economic resources owned by the organisation. Balances carry forward across fiscal years.
  • Liability: Obligations or debts owed by the organisation. Balances carry forward.
  • Equity: The residual interest in the assets after deducting liabilities. Balances carry forward.
  • Balance sheet: A generic classification encompassing Assets, Liabilities, and Equity.
  • Total: A consolidated account used exclusively for reporting and aggregation. It does not accept direct transactional postings.

Posting types​

The Post Type constraint restricts the nature of entries permitted on the account, enforcing strict accounting controls.

  • Credit and debit: The account accepts both positive and negative entries (the default behaviour).
  • Debit: The account exclusively accepts debit entries.
  • Credit: The account exclusively accepts credit entries.

Default parameters​

  • Offset account: Specifies a default offset account. This is utilised automatically as the contra-account when adding a journal line in general journals, significantly accelerating data entry.
  • Currency: Specifies the default transaction currency for the account. This is applied automatically when entering journal lines.

Totaled accounts​

If the Account type is configured as Total, the Totaled accounts FastTab becomes active. This permits the selection of multiple subsidiary accounts to aggregate their balances into this master account. This is highly useful for generating streamlined, high-level financial reports without requiring complex external reporting logic.

Financial information​

The Financial information FastTab provides a real-time, aggregated view of the account's current standing, separated by:

  • Accounting currency: The total credit, debit, and net balance expressed in the ledger's primary accounting currency.
  • Reporting currency: The total credit, debit, and net balance expressed in the ledger's secondary reporting currency.

Account transactions​

To audit the detailed entries composing the account's balance:

  1. Select the desired account from the list view.
  2. Click Transactions on the Action Pane.

The Account transactions page will render, providing a comprehensive, date-filterable grid of all posted vouchers against this account. This view exposes the complete audit trail, including the voucher number, accounting and posted dates, the fully resolved ledger account (including applied financial dimensions), textual descriptions, and debit/credit amounts in both the transaction and accounting currencies.