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Chart of Accounts Interface

Chart of Accounts Interface

QuickEasy BOS has a fully integrated accounting system. For each Transaction Type, users can select if the transactions must also be posted to the Ledger (affect Accounting).

The Chart of Accounts is divided into two sections:

Statement of Profit or Loss: Includes Income and Expense accounts. The corresponding report shows the organisation’s profitability.
Statement of Financial Position: Includes Assets, Liabilities, Investments, and Equity. The corresponding report shows the organisation’s financial worth and solvency.

The Accounting Setup menu option includes tabs to setup Accounts, VAT Types, Currencies, Credit Terms and Bank Profiles which are used for bank imports.

Navigation: Main Menu > Setup > Accounting > Accounts (tab)

Buttons Explained

Button	Description
Add/Edit	Used to add new entries or edit existing entries
Save	Saves any changes.
Actions	Changes multiple records. The options are: Rebuild Accounting Report: Rebuilds the accounting report. This feature resets the financial reports and recreates them to include the new accounts. Order Alphabetically: Sorts the accounts alphabetically within their categories or main accounts. Generate Account Codes: Generates account numbers. Generate Account Lookups: Generates account lookups for all the lowest level accounts. These lookups can be edited. Lookup lists are used in Transactions to help users find the account. Refresh Lookups: Updates all the lookup lists.
Output	Used to export the display in .xlsx, .csv, or .htm format.
Menu	Layout
Add Default Accounts	Creates the main categories (e.g. Sales, Assets, Expenses) needed for a Chart of Accounts. Only available if accounts have not yet been created.
Grid View / Tree View	Toggles between the Grid (spreadsheet format) and Tree Views (accounts are embedded beneath their applicable Financial Statements). + – Icons collapse or expand the Tree View.
Notes	A toggle that displays or hides account notes in Grid View only.

Fields Explained: Grid View

Field	Description
Field Chooser (*)	Used to add or remove columns.
ID	The system-generated number for the entry.
Status	The current Status of the entry.
Parent	The parent Financial Statement (Statement of Profit/Loss or Statement of Financial Position).
Account	The account name.
Code	The account number (optional).
Lookup	The account’s lookup name (i.e. the name typed when using the account in a transaction). Warning: If a lookup is not entered, the account cannot be selected when creating transactions.
Type	The type of account (e.g. Asset, Expense).
Order ID	The order in which the account will displayed on the applicable financial statement in its group.
Default	Allows users to specify defaults as follows: Accrual (VAT Exc): General accrual account. Displayed on the financial reporting dashboard. Can be added to multiple accounts. Accrual (VAT Inc): Displayed on the financial reporting dashboard. Can be selected for multiple accounts. Bank: Permits currency selection, bank reconciliation, and bank imports. Can be selected for multiple accounts. Bank & Accrual: Allows the capture of credit card receipts in two parts. Can be selected for multiple accounts. Payables: Totals all the supplier account balances for display on financial reports. Can only be selected for one account. Receivables: Totals all the customer account balances for display on financial reports. Can only be selected for one account. Retained Income: Records the profit or loss earned. Can only be selected for one account. VAT Control: Records the VAT portion of transactions and payments or refunds to the tax authorities. Can only be selected for one account. WHT Control: Records the taxes withheld from suppliers or withheld by customers. Can be selected for multiple accounts.
Currency	Used to specify a Currency for bank accounts only.
Created	The date on which the entry was created.
Updated	The date on which the entry was updated.
Updated By	The User who last updated the entry.
Level	A number indicating the nesting level (e.g. Statement of Financial Position > Assets > Current Assets > Bank is level 4).

Fields Explained: Tree View

Fields shown in blue are editable.

Field	Description
Field Chooser (*)	Used to add or remove columns.
ID	The system-generated number for the entry.
Account	The account name.
Code	The account number. Using an account number is optional but can be useful for bank imports if the numbers are used as reference numbers when making or receiving payments.
Report	A code indicating its report section (e.g. Summary, Section).
Lookup	The account’s lookup name (i.e. the name typed when using the account in a transaction). Warning: If a lookup is not entered, the account cannot be selected when creating transactions.
Type	The type of account (e.g. Asset, Expense).
Default	Allows users to specify defaults as follows: Accrual (VAT Exc): General accrual account. Displayed on the financial reporting dashboard. Can be added to multiple accounts. Accrual (VAT Inc): Displayed on the financial reporting dashboard. Can be selected for multiple accounts. Bank: Permits currency selection, bank reconciliation, and bank imports. Can be selected for multiple accounts. Bank & Accrual: Allows the capture of credit card receipts in two parts. Can be selected for multiple accounts. Payables: Totals all the supplier account balances for display on financial reports. Can only be selected for one account. Receivables: Totals all the customer account balances for display on financial reports. Can only be selected for one account. Retained Income: Records the profit or loss earned. Can only be selected for one account. VAT Control: Records the VAT portion of transactions and payments or refunds to the tax authorities. Can only be selected for one account. WHT Control: Records the taxes withheld from suppliers or withheld by customers. Can be selected for multiple accounts.
Bank Profile	A dropdown list of all the bank profiles to select the one that belongs to the bank account. For the bank import to work, the account number must be part of the lookup field in the same format that it appears on the bank statement (see screenshot above).
Currency	Used to specify a Currency for bank accounts only.
ParentID	The system-generated number for the account’s Parent.
Status	The account’s current status.
Order ID	The system-generated number for the account’s order in its section
Created	The date on which the entry was created.
Updated	The date on which the entry was updated.
Updated By	The User who last updated the entry.
Level	A number indicating the nesting level (e.g. Statement of Financial Position > Assets > Current Assets > Bank is level 4).
Note	A field to enter a note about the account.
	A submenu that can also be accessed by right clicking an entry. The options differ depending on whether you clicked a Heading, an account on the Statement of Profit/Loss, or an account on the Statement of Financial Position. Statement of Profit/Loss: Add Section > Revenue: Adds an additional Revenue section. Add Section > Expense: Adds an additional Expense section. Add Summary: Adds a subtotal. A subtotal automatically adds and subtracts all the accounts above it. Generate Account Lookup: Generates a lookup list only for that account which can be edited. Lookup lists are limited to the final accounts. (Lookup lists are necessary but can be entered manually.) Nest Under: Creates the account as a sub-account of the selected account. Only applicable to accounts on the lowest levels. Once the account is used in a transaction, its nesting cannot be changed. Move Up: Moves the account one line higher. Move Down: Moves the account one line lower. Delete: Deletes the account if there are no entries in the account. Statement of Financial Position: Add Section > Asset: Adds an additional Asset section (e.g. Fixed Assets or Current Assets). Add Section > Liability: Adds an additional Liability section (e.g. Long-term Liabilities or Current Liabilities). Add Section > Equity: Adds an additional Equity section (e.g. Ordinary Shareholding, Preference Shareholding). Add Summary: Adds a sub-total. It will automatically add and subtract all the accounts above it. Add Account: Adds an account to the selected section or account. Generate Account Lookup: Generates a lookup list only for that account. Lookup lists should be limited to the transaction accounts (i.e. not the headings). Lookup lists can be automatically generated, edited, or entered manually. Nest Under: Creates the account as a sub-account of the selected account. Once the account is used in a transaction, its nesting cannot be changed. Move Up: Moves the account one line higher. Move Down: Moves the account one line lower. Delete: Deletes the account if there are no entries in the account.

How VAT is Treated

If your business charges and claims VAT, the VAT exclusive amounts are shown on reports with the exception of these accounts:

Receivables (the total of all customer accounts)
Payables (the total of all supplier accounts)
Bank Accounts

The VAT Control account records the VAT portion of transactions where VAT Input or Output categories were used:

VAT Input + = Debits VAT Control Account.
VAT Input – = Debits VAT Control Account with a negative amount.
VAT Output + = Credits VAT Control Account.
VAT Output – = Credits VAT Control account with a negative amount.
VAT Payment = Debits the VAT Control Account (Cr Bank). Use VAT Type: VAT 100%.
VAT Refund Received = Credits the VAT Control Account (Dr Bank). Use VAT Type: VAT 100%.

Once payment has been made, the account should be zero. For example, if the balance of the account at the end of July was a credit of 21 550.20, a payment of 21 550.20 must be made, and that payment will debit the account to bring it to zero (excluding transactions that have happened during August).

Warnings

Warnings are displayed at the top of the screen, highlighted in orange, when information is incomplete. Warnings are refreshed when Save (button) is clicked.

Mandatory Account Defaults not assigned: These defaults are mandatory:
- Receivables: Totals all the customer accounts on the financial reports.
- Payables: Totals all the supplier accounts on the financial reports.
- Retained Income: Posts the profit or loss to the Statement of Financial Position as calculated on the Statement of Profit/Loss.
- VAT Control: If registered for VAT.
- WHT Control: In countries like Thailand where WHT is compulsory.
Bank: A Currency has not been assigned to the bank account. Applicable if multiple currencies are used. Bank accounts must be allocated a specific currency.
Duplicates: Duplicate names, codes, or lookups in the same group.
Blank Names or Lookups.

Learn More

Banking Category: Explains Bank Profiles, Bank Imports, and Bank Reconciliations.
Chart of Accounts Tutorials: These tutorials explain how to create and edit a chart of accounts.
Currencies List View: Explains the list of currencies’ interface and related features.
Currency Settings: Explains how to set the conversion method and how many decimal places to use for currencies.
Currency Tutorials: These tutorials explain how to setup currencies.
Ledger List Views: Explains the various interfaces for displaying ledger transactions.
Ledger Tutorials and Troubleshooting: These tutorials explain how to display a ledger and transactions.
Understanding the Chart of Accounts: Explains what the chart of accounts is and how it impacts the financial statements.