Chart of Accounts

Accounts in the Chart of Account help define how Gravity can produce financial reports. The Chart of Accounts structure is very flexible and can be defined during the first part of the systems implementation.

Define the COA structure when initializing the company. Once defined, this structure cannot be changed.

The chart of accounts segment structure can be from 1 to 4 segments and up to 40 characters in total length. A minimum of 1 segment is required.

COA character options include:

Example:

In addition to fixed account segments Gravity also provides the ability to tag transactions with dimension codes that can be used in advanced financial reports. Be sure to consider the use of dimensions when setting the COA to ensure an organized and efficient COA structure.

See Using Dimensions

 clicking on the COA option displays the active chart of accounts screen.

Use the screen's drop down feature to display a list of other available views.

Note: New GL accounts can be added to a specific company tailoring the COA by company. However, COA accounts can differ between companies, the underlying structure cannot be revised. 

Select an account displayed for review or editing or click on the New Icon to display the Account Number

Enter the new account number in the account number field. Be sure to use the account structure defined in the system set up. The number must be unique across al Entities

Enter a name and description for each account. Search for accounts by either number or name.

Select an account type from the list. Accounts are grouped under standard financial classifications using account types. Gravity uses account types to format predefined quick financial reports.

Use the account class to determine if the account is used for standard GL processing or as the basis of a Journal Allocation.

If the Account Class is set to Allocation then an additional tab will allow the user to define the allocation matrix. The matric can be used to allocate by Entity, Account and dimension based on fixed percentages.

Example: a transaction with a $100 debit is made to an allocation account, a new Journal Entry will be made to reallocate part or all the amount to other Entities, Accounts and/or dimensions.

When needed assign a default tax schedule to the account. This is used for exporting data to another application.

Define if dimension codes will be used for this account. Choose:

See Using Dimensions

Accounts can be defined to be shared by all, selected or just a single entity. When selecting only one company, or selected companies choose the applicable entity(s) from the drop down list displayed.

Accounts are only displayed in the entity(s) selected.

Gravity provides 2 types of financial statements reports:

With Advanced Financial Reports Gravity can use wild cards to report on any character with in a segment. For example, using an account number 4000-1202 and 4000-1203, Gravity can use the "*-12??" for unique reporting of any transaction that starts with 12 in the second segment.

Dimensions are also used as part of the advanced financial reporting column or row restrictions and therefore should be used where each dimension value would be in a separate column. For example, using a dimension for events allows each event to be listed in a separate column.

Gravity does not group accounts as parent and children. This grouping concept is very limiting for financial reporting purposes. Advanced financial statements provide more flexible grouping options for financial reports using formulas in reporting rows to total and summarize accounts in as needed.