Manual
Chart of accounts
The chart of accounts
Chart Of Accounts lists the G/L accounts in number order, with each account’s Account Category, Direct Posting, Net Change and Balance At Date. Its first column opens the account’s card (GL Account).
Passion Bakery’s chart runs from 100000 BALANCE SHEET to 299999 NET PROFIT: assets 110000 to 119999, liabilities 120000 to 129999, equity 130000 to 139999, then income (2101xx to 2104xx), cost of sales (2201xx to 2203xx) and expenses (2301xx to 2308xx). See the training company’s data for the whole list.
The G/L account card
| Group | Field | What it is for |
|---|---|---|
| General | No, Name | The account’s number, which sets its place in the chart, and its name. |
| Account Category | Assets, Liabilities, Equity, Income, COGS or Expense. It sets Income Or Balance. | |
| Income Or Balance | Balance Sheet for assets, liabilities and equity, Income Statement for the rest. Year-end closing clears income statement accounts. | |
| Account Type | What the line is: see below. | |
| Totaling Start GL | For an End Total: the account its total starts from. | |
| Direct Posting | Whether journal lines may post to it. Off for an account only posting from documents should reach. | |
| Blocked | Stops postings to the account. | |
| Balance | Its balance, all dates. | |
| Dimensions | Each dimension’s code and Value Posting | The account’s default codes, and the rule for codes posted to it: see Dimensions. |
| Posting | General Posting Type, Gen. Bus. Posting Group, Gen. Prod. Posting Group, VAT posting groups | For an account used on journal and document lines: the posting type (Sale or Purchase) and groups the line takes, which give it its VAT. |
Account types
| Account Type | What it is |
|---|---|
| Posting | An account entries are posted to. |
| Heading | A title in the chart, such as BALANCE SHEET. Nothing is posted to it. |
| Begin Total | Where a group starts, such as 110000 ASSETS. |
| End Total | Adds up every account from its Totaling Start GL to itself, such as 119999 Total Assets. |
Indent Chart of Accounts (under Action) indents each account under its Begin Total, and fills a blank Totaling Start GL of an End Total with the nearest open Begin Total before it. It says which Begin or End Total has no partner.
Balances over a period
Net Change and Balance At Date follow the list’s Date Filter: set it to 01/01/2026..31/03/2026 (or
fy..t) to see each account’s movement in the period and its balance at its end. Debit Amount, Credit Amount
and Budgeted Amount follow it too, and the dimension filters narrow all of them. Click an amount to see its
entries.
The chart’s Report group has the Trial Balance, Detailed Trial Balance, Balance Sheet and Income Statement.
Accounting periods and fiscal years
Accounting Periods holds the periods the years are divided into: each period’s Starting Date and Name,
whether it starts a New Fiscal Year, and whether its year is Closed. Fiscal years decide what the date fy
means, and which entries the year-end closes.
- Create Fiscal Year asks for the year’s Starting Date, its No. of Periods and the Period Length (Months) (12 and 1 for months), and adds the periods and the first period of the following year, which marks where this one ends.
- Close Year closes the oldest fiscal year still open: its periods are closed and their dates locked.
Closing the year
At the end of a fiscal year, the income and expense accounts are brought to zero and the year’s profit or loss moved to retained earnings:
- On Accounting Periods, create the next fiscal year if it isn’t there, then Close Year.
- On Chart Of Accounts, choose Close Income Statement. Give the Fiscal Year Ending Date, the Journal Template and Journal Batch to put the lines in, a Document No., the Retained Earnings Account (130200 at the bakery) and a Posting Description.
- Business Assistant adds general journal lines dated the year’s last day, one for each income statement account and each combination of dimension codes, and one to retained earnings. Nothing is posted yet.
- Look the lines over in the General Journal, then post the batch.
The lines are posted as closing entries. A closing entry counts as posted just after its date, so the closed year’s reports still show its income and expenses, and any later date shows them closed.