The following information provides detail on the Chart of Accounts screen's options and fields.
Select Account
The grid list is your guide to individual accounts. The grid displays inactive and the active accounts. The grid displays the Account Number and the Account Name. The grid list is a hierarchy of accounts. The sub-accounts are listed below the parent account.
Account
Account Type:
The type of account to be created. Web Suite provides the following options: Accounts Payable, Accounts Receivable, Bank, Cost of Goods Sold, Credit Card, Equity, Expense, Fixed Asset, Income, Long Term Liability, Non-Posting, Other Asset, Other Current Asset, Other Current Liability, Other Expense and Other Income account.
Account Name:
The name of the account (for example, income, cost of sales, insurance).
Account Number:
The unique ID assigned to an account.
Routing Number:
It is an alpha-numeric string of n digits associated with a bank. Web Suite prints this number on the deposit slip report.
Tax Line:
It is a tax number associated with some accounts, for example, Bank, Cost of Goods Sold, etc.
Account Information
Sub-Account of:
An account can be made a sub-account of an existing account. The drop-down displays the list of existing accounts. The new account created can be made a sub-account of the selected account.
Account Balance:
The current balance of each account. The currency symbol is appended according to the regional settings.
Balance as of:
The date as of which the opening account value is given. You can select the date from the calendar in the drop-down or by entering date manually.
Status:
Whether or not, the account is active. If the Inactive check box is checked, it means that the account is not in use.
Account Description:
Any other information related to the account that you want to record. In order to edit an existing account, select the account to be edited, from the grid.
Chart of Accounts Button Panel
Sort By:
Allows you to sort the account list. You can choose the criterion for sorting from the drop-down list—Account Number or Account Name.
Help:
Opens the Web Suite Help in the Chart of Accounts section.
Merge:
Opens the Merge Account screen that allows you to merge the selected account with another account. You can use this option when you are unable to delete an account that has transactions associated with it. The Merge option is unavailable for system accounts such as Accounts Receivable, Accounts Payable, Undeposited Funds, Default Item Income Account.
Print:
Opens Chart of Account report that you can preview and print.
Delete:
To delete an account, bring the record to the screen by selecting it in the grid. To select the Account, Click the Account in the grid. Click the button to remove it from the database.
Update:
Saves the changes made to any previously recorded entries.
Save:
Saves the information as entered on the Chart of Accounts screen.
New:
Enables you to enter a new account record into Web Suite. Select the Account Type and enter the relevant account information in the rest of the fields.