Defining the chart of accounts
An organization will require accounts to be set up before transactions can be entered. The chart of accounts defines the structure of the accounts: It can be defined to fit the requirements of the organization. The structure of the chart of accounts is called the Accounting Key Flexfield structure. The structure is made up of segments, and each segment is made up of values. In this recipe, we define the structure of the chart of accounts for ACME Corporation in the following order: Company, Department, Account, Product, and Spare segments.
For each of the segments we will enter the name, window prompt, and assign a segment column for the order of the segment and a Value Set. The Value Set determines the type of data that can be entered in the field.
|
Segment |
Size |
Qualifier |
Default Value |
|---|---|---|---|
|
Company |
2 |
Balancing |
01 |
|
Department |
3 |
Cost Center | |
|
Account |
4 |
Natural Accounts | |
|
Product |
3 |
000 | |
|
Spare |
3 |
000 |
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