General Ledger - Chart Of Accounts

Menu Selection: Document - General Ledger - Chart Of Accounts

Purpose

This document allows the user to establish a custom chart of accounts.

Prerequisites

There are no prerequisites for this document.

Context

LILAC has a very dynamic approach to "General Ledger Accounts". They are not something separate and distinct from the trading database. LILAC lets every account stand for itself in the overall double entry balance. The Chart of Accounts document lets you manipulate the names of accounts which may already exist in the LILAC database or to add new ones for your own purposes.

The following accounts are created automatically by LILAC whenever action is restarted.

Ledger Account Type Category Name
BALANCE CASH AT BANK CURRENT ASSET Bank Balance
BALANCE DEPOSITS CURRENT ASSET Cash Receipt Clearing
BALANCE DEPOSITS EFT CURRENT ASSET EFTPOS Clearing
BALANCE PPS TAX CURRENT LIABILITY Provision
BALANCE PPS TAX DB CURRENT ASSET Tax Withheld by Clients
BALANCE STOCK ADJUST CURRENT ASSET Write Off
BALANCE STOCK TAKE CURRENT ASSET Variations
BALANCE PAY CLEARING CURRENT LIABILITY Net Payroll Clearing
BALANCE GROUP TAX CURRENT LIABILITY Provision for Taxation
BALANCE SUPER (SGC) CURRENT LIABILITY Provision for Superannuation
TRADING SUPER (SGC) 'INDIRECT EXPENSE Employer Superannuation
TRADING COST OF SALE DIRECT COST Cost of Goods or Services
TRADING SALES DIRECT SALES Revenue
TRADING SURCHARGE DIRECT SALES Surcharge - Extra Processing
TRADING DISCOUNT DB DIRECT COST Settlement Discount
TRADING DISCOUNT CR DIRECT INCOME Settlement Discount
TRADING STOCK ADJUST DIRECT COST Write Off
TRADING STOCK REVALU DIRECT COST Standard Cost & Residuals
TRADING STOCK TAKE DIRECT COST Stock Take Journals
TRADING DISCOUNT DIRECT COST Sales Invoice Discount
BALANCE TIME COST CURRENT LIABILITY Time Cost Provision
BALANCE CASH FOREX CURRENT ASSET Foreign Currency Balance
TRADING ROUNDING DIRECT COST Five Cent Rounding
BALANCE ADJUSTMENTS CURRENT PROPRIETOR Imbalances Etc
BALANCE RETENTIONS CURRENT ASSET Retentions by Debtors
BALANCE EFT CLEARIN CURRENT LIABILITY Electronic Payments
BALANCE JOURNALS CURRENT LIABILITY General Ledger Posting
TRADING VARIATIONS DIRECT COST Variations from Standard Cost
BALANCE ADD ON COST CURRENT LIABILITY Extra Landed Cost
TRADING PRODUCTION DIRECT COST Production Clearing
BALANCE GST CURRENT LIABILITY Goods & Services Tax
TRADING FREIGHT IN DIRECT COST Freight Charged by Suppliers
TRADING FREIGHT OUT DIRECT INCOME Freight Charged to Customers
BALANCE Company.CREDITORS CURRENT CLEARING Creditors Branch Loan A/c
BALANCE Company.DEBTORS CURRENT CLEARING Debtors Branch Loan A/c
BALANCE Company.JOURNALS CURRENT CLEARING Journals Branch Loan A/c
BALANCE Company.PAYROLL CURRENT CLEARING Payroll Branch Loan A/c

About This Screen

Field Enterable? Instructions
Ledger Yes Type in, or search for (using the F12 button), a main ledger key from the set BALANCE, DEBTORS, INVENTORY, PAYROLL, TRADING, WIP.
Main Yes Type in the Key of the account.
Type Yes Type in, or search for (using the F12 button), an account type from the set CURRENT, DIRECT, INDIRECT, INTANGIBLE, NON CURRENT, TANGIBLE.
Category Yes Type in, or search for (using the F12 button), an account category from the set ASSET, COST, EXPENSE, INCOME, LIABILITY, PROPRIETOR, SALES.
Taxable Yes Tick this field if this account will have GST included in its entries.
Name Yes Type in the long name for the account. This is used for presentation in reports.
Miscellaneous Yes Tick this field to hide this account in the Profit and Loss report.
Currency Yes Type in, or search for (using the F12 button), the key for the foreign exchange currency.
Export Code Yes Type in an old-fashioned numeric code for use in exporting to Taxation Accounting packages such as Solution 6.

From Here

This information is used by LILAC 3 in the formatting and structure of many financial reports. In addition to running these reports, you may also establish Chart of Sub Accounts via the Documents - Chart of Sub Accounts document.