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Chapter 2 ■ Defining the Chart of Accounts
Figure 2-9. List of chart of accounts to select from
■■Note
there is no restriction on the chart of accounts you can use. We use the INT charts of accounts in this
activity, because we believe that these charts of accounts are sufficient for this purpose.
Click on each object you want to copy on the screen using the items in Table 2-1 as your model to select
or highlight them. You will notice that the selected items will turn yellow. Click the Copy button at the
top of the screen to copy the selected charts of accounts from the list. The system will copy the specified
charts of accounts INT and ask you to
on the status bar at the bottom of the screen.
Modify the copied chart of accounts by changing the content of Chrt/Accts fields from INT to your own chart
of accounts that you defined earlier. This activity uses the CA90 chart of accounts, as shown in Figure 2-10.
Figure 2-10. Updated chart of accounts list
Once you have changed the chart of accounts in Chrt/Accts from INT to your chart of accounts, click
Enter at the top of the screen to confirm your entries and save your work.
The final step in this activity is to define the retained earnings account. It will allow the system to
transfer the net profit or loss in the P&L account at the end of the year to the balance sheet. Considering that
the P&L account group is defined in the chart of accounts, it is important to also define a retained earnings
account separately in order to allow profit or loss at the end of the year to be carried forward to the balance
sheet as retained earnings or loss. Click the Back button on the top-left side of the screen to return to the
tree structure. From there, you will choose the next task in your configuration (Define Retained Earnings
Account). You can also use the menu path described in the following section.
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