Chart of accounts

Studio Designer includes a standard chart of accounts specifically designed for interior design firms.  You can modify the chart of accounts to meet your specific needs.  If the chart of accounts is going to be changed, it should be changed before you begin using Studio Designer.

To open the Chart of Accounts File:

• Select "Files"

• Select "Chart of Accounts"

The "Chart of Accounts Screen" is displayed.

Print

Click the “Print Button” to print the chart of accounts list.

Add Account

To add a new account to the list, click the “Add Button”.  A new blank account record is displayed and the account information may be entered.

Delete Account

To delete an account from the list, click the “Delete Button”.  A message “Are you sure you want to delete this account?” is displayed.  Select “Yes” and the account is deleted from the list.

Account #

The account number assigned to this account.

• Asset accounts are generally in the 1000’s.

• Liability accounts are generally in the 2000’s.

• Equity accounts are generally in the 3000’s.

• Income accounts are generally in the 4000’s.

• Expense accounts are generally in the 5000’s.

Description

The description of the account.  This description prints on financial statements.

Account Code

Account codes allow accounts to be organized into groups for reporting purposes on financials.  There are 9 account code groups for each type of account.

Codes          Account Type

A1 - A9        Assets

B1 - B9        Liability

C1 - C9        Equity

D1 - D9        Income

E1 - E9        Expense

Example:

Account Code A2 may be used for current assets.  All current asset accounts should have the “Account Code” set to “A2”.  When financials are printed, all accounts with “A2” are grouped together and totaled.

Account Code “A1” is reserved for cash accounts.  All cash accounts should have the “Account Code” set to “A1”.

Account Type

Accounts type defines the type of account this is.  The account type is automatically assigned when the “Account Code” is entered.  The account types are:

• Asset

• Liability

• Equity

• Income

• Expense

Sub Account

Sub account allows you to assign an account to be a sub account of another account.  When financial statements print, the amount for this account is added into the amount for the “Sub Account”.

Account Sub Account Amount Prints

1010                          $175      $327

1020       1010            $152