Setting up a Chart of Accounts

Tip:

Tip

The Launchpad feature includes a Chart of Accounts Setup page to help you through this process. If you cannot see a Launchpad tab, contact your administrator.

The Accounting QuickStart app allows you to upload a chart of accounts template according to the industry in which you operate. If you cannot see an Accounting QuickStart tab, contact your administrator.

If you are setting up FinancialForce for the first time, you must design and build your chart of accountsA collection of general ledger accounts, entities, and analysis dimensions, organized into a reporting structure..

1. Design your chart of accounts. See What is a Chart of Accounts? for more information.
2. Create a general ledger accountThe general ledger will normally include general ledger accounts (GLAs) for items such as income, expenses, assets, liabilities, and reserves. for every category of income, expenses, assets, liabilities and reserves in your chart of accounts. See What is a General Ledger Account? for more information.
3. Place each general ledger account into one or more user-defined hierarchical reporting structures. See What is a Reporting Hierarchy? for more information.
4. Create a tax code and tax rates for each different type of tax you want to record. See About Tax for more information.
5. [Optional] Create up to four sets of analysis dimensions. See What are Analysis Dimensions? for more information.
6. If you want to store period actual balances, create one or more intersect definitions. See What is an Intersect Definition? for more information.
7. If you want to track the variance of period actual balances against budget, create a budget and balance instance and then enter your budget data. See About Budgets and Balances for more information.
8. If you have one or more intersect definitions, run a balance update. See About Balance Update for more information.