Chart of Accounts

In MYOB Acumatica, you define the chart of accounts on the Chart of Accounts (GL202500) form. On this form, accounts are grouped by account types and, independently, by account classes.

In this topic, you will read about defining the chart of accounts, using such account properties as classes and types, and using mandatory accounts in the system.

Entry of the Chart of Accounts

Before you start defining the chart of accounts, you have to review the predefined structure of the ACCOUNT segmented key on the Segmented Keys (CS202000) form and make any needed changes to it. For details about segmented keys for accounts, see Account Identification.

You then use the Chart of Accounts (GL202500) form to define your company's chart of accounts in the system. When you define the chart of accounts, you assign to each account a name, a unique number by which it can be identified, and a type. MYOB Acumatica supports the following types of general ledger accounts:

• Asset
• Liability
• Income
• Expense

We recommend that when you design the account identifiers, you make the numbers correspond to the account types.

You can assign a class to accounts to group the accounts. (For details on account classes, see the Account Classes sections of this topic.) You can also specify optional account-related settings.

You can prepare the chart of accounts in .xlsx or .csv file and upload the file to the system, as described in To Import Data from a Local File to a Table. Alternatively, you can add accounts one by one, as described in To Add an Account to the Chart of Accounts.

Account Classes

For convenient grouping, sorting, and filtering of information associated with general ledger accounts in reports and inquiries, you can associate accounts with account classes on the Chart of Accounts (GL202500) form. MYOB Acumatica provides predefined account classes that can be modified if needed, and you can add new account classes on the Account Classes (GL202000) form. For details on how to create an account class in the system, see To Create an Account Class.

Mandatory Accounts

MYOB Acumatica supports two special general ledger accounts of the Liability type: Year-to-Date Net Income and Retained Earnings. These accounts must be added to the chart of accounts and specified during general ledger configuration on the General Ledger Preferences (GL102000) form. For details on these accounts, see YTD Net Income and Retained Earnings Accounts.

Cash and Denominated Accounts

To track cash transactions in the general ledger module, you link cash accounts to general ledger accounts. For details, see Cash Account Configuration.

If your company has a bank account in a foreign currency, you have to denominate this account to maintain its balance in two currencies: in the currency of the account and in the base currency. For details, see Denominated Accounts.

Restriction of User Access

In MYOB Acumatica, you can configure restriction groups that manages user access to accounts on the GL Account Access (GL104000) form. For details, see Account and Subaccount Security.

You can use the Restriction Groups by GL Account (GL104020) form to view and manage the restriction groups that have already been created. If any restriction groups have already been configured for accounts, you can quickly invoke this form by clicking Manage Restriction Groups on the Chart of Accounts (GL202500) form.