General Ledger: To Create a Chart of Accounts

In this activity, you will learn how to modify the ACCOUNT segmented key. You will also define the chart of accounts by uploading a list of GL accounts to the system.

Story

Suppose that as an administrator, you need to add the chart of accounts of the SweetLife Fruits & Jams company to MYOB Acumatica. Further suppose that an accountant of the company has provided a file that lists the GL accounts to be used and their settings (including the account classes; you will use the predefined classes). You will review the list of accounts, modify the ACCOUNT segmented key, and create the chart of accounts by uploading the file provided by the accountant.

Process Overview

In this activity, you will modify the length of the ACCOUNT segmented key on the Segmented Keys (CS202000) form. On the Chart of Accounts (GL202500) form, you will upload the chart of accounts from an Excel file.

System Preparation

Before you start defining the chart of accounts in the system, make sure that the following tasks have been performed:

  1. The company has been created with an actual ledger; see Company Without Branches: To Configure a Company Without Branches and General Ledger: To Create an Actual Ledger.
  2. The Basic_Company_COA file has been downloaded with the chart of accounts of the SweetLife company.

Step 1: Modifying the ACCOUNT Segmented Key

To modify the ACCOUNT segmented key, do the following:

  1. Sign in to the company you have prepared with the admin username.
  2. Review the Basic_Company_COA file that you have downloaded. Notice that the account identifiers consist of only one segment of five characters.
  3. Open the Segmented Keys (CS202000) form.
  4. In the Segmented Key ID box, select ACCOUNT.
  5. For the only row in the table, in the Length column, specify 5.
  6. On the form toolbar, click Save.

    Users can use account identifiers whose length is less than or equal to the specified length for the segmented key.

Step 2: Uploading the Company's GL Accounts

You can create the chart of GL accounts in the system by entering the accounts manually or by uploading a file that lists them. In this activity, you will upload the file that SweetLife's accountant has provided. Do the following to upload the chart of accounts:

  1. Open the Chart of Accounts (GL202500) form.
  2. On the form toolbar, click Load Records from File.
  3. In the File Upload dialog box, which opens, select the file path to the Basic_Company_COA file, and click Upload.
  4. In the Common Settings dialog box, which opens, leave the default settings, and click OK.
  5. In the Columns dialog box, leave the current mapping, and click OK.
  6. On the form toolbar, click Save.

You should review the chart of accounts, which now includes all the necessary accounts, including two accounts that are required for MYOB Acumatica: Net Income (33000) and Retained Earnings (32000).

The other necessary accounts are the following:

  • 20000: The account to be used to record amounts owed to vendors for items and services purchased on credit. This account will later be specified as the AP account.
  • 11000: The account to be used to record amounts owed by customers for services provided to them on credit. This account will later be specified as the AR account.
  • 10500: The account to be used as the intermediate account for funds transfers. This account will later be specified as the cash-in-transit account.