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Financials
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 coa segments 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 a = alpha only characters # = numeric only characters @ = alphanumeric characters = segment separator example \#### #### = 4 numeric character main segment and a 4 numeric character sub account #### #### aa = 4 numeric character main segment, a 4 numeric character sub account followed by a 2 character alpha only sub account 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 docid\ lwsc6qioyqo8m1vtkk0hh 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 summary select an account displayed for review or editing or click on the new icon to display the account number 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 account name enter a name and description for each account search for accounts by either number or name account type 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 account class 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 default tax schedule when needed assign a default tax schedule to the account this is used for exporting data to another application dimensions define if dimension codes will be used for this account choose optional ignore required see using dimensions docid\ lwsc6qioyqo8m1vtkk0hh access criteria 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 chart of accounts considerations financial reports gravity provides 2 types of financial statements reports quick reports these are driven by the account type assigned to the chart of accounts advanced financial reports these are created using a row and column reporting elements 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