Creating a chart of accounts requires the following actions:
Configure the structure by creating segments that correspond to your accounting codes. For example, you might need segments for Entity, Cost Center, GL, and Project.
Specify the values for each segment. For example, the values for the Entity segment might be the divisions within your company, such as Research, Administration, and Human Resources. To limit the values that users can assign to transactions, you can also create dependencies between segments in your chart of accounts. For example, you could create a dependency to limit the cost centers that can be assigned to transactions posted for the Human Resources department.
Set up constraints at the account, employee, hierarchy, or role level to make segment values available to your users. For more information, see Creating a Chart of Accounts Constraint.
After your chart of accounts is configured, you can create default accounting codes that will be automatically assigned to transactions when they post to PaymentNet. These are not required, but can make it easier for your cardholders to allocate accounting codes correctly.
To configure the chart of accounts structure:
Select Administration > Chart of Accounts > Create.
In the Chart Name field, enter a name for the chart of accounts. You cannot use the same name as a chart of accounts that has been deleted.
Complete the fields for the first chart segment. For a list of these fields, see Chart of Accounts Fields.
To add another segment, click Add and enter the segment details. Repeat this step as many times as necessary to add all the chart segments you need, up to a maximum of 30.
Click Save. Chart segments cannot be deleted once they have been saved.
To add segment values to the chart of accounts:
Click the Values tab on the Chart of Accounts Detail screen.
If there are multiple segments in the chart of accounts, use the Select Segment list to select the segment.
Click Add Segment Value.
Complete the fields that display. For a list of these fields, see Chart of Accounts Segment Value Fields.
Note:In the segment value and description, use only the standard characters listed in the table. Avoid using marks such as accents, cedillas, and umlauts. For example, enter “cafe” instead of “café.”
Click Save.
To define additional segment values, click Return to Chart of Accounts Detail - Values and repeat these steps as needed.