Every instance of Cetec ERP comes with a default chart of accounts. These include, but are not limited to, Assets, Liabilities, Equity, Revenues, and Expenses, as well as their children and grandchildren accounts that includes A/R, A/P, inventory, and many more. The purpose of having these accounts is to enable the usage of Cetec ERP accounting module from the get-go.
While these default accounts are useful for basic functions, most businesses will have special needs and required adjustments. Depending on your needs, this can be done without professional help, but the more complex and stringent customization would require your business to work with a CPA to tweak and tailor these accounts for your purposes.
To check out the Cetec ERP default chart of accounts, navigate to ACCOUNTING » Chart/Ledger » Account List. Here you will see the Cetec ERP chart of accounts. Fields in the chart of accounts include:
-
Account # - Account # is an arbitrary number given for the purposes of 1. Uniquely identifying an account and 2. Making the account relations more visible. For instance, let us assume that the parent account, Liabilities, has two children accounts, Current Liabilities and Other Liabilities, and Current Liabilities also has two children accounts, Sales Tax and Accounts Payable. A suggested Account # scheme will assign the Account # of 100 to Liabilities, 110 to Current Liabilities, 120 to Other Liabilities, 111 to Sales Tax, and 112 to Accounts Payable.
-
Account Name - This is the name of an account e.g. Liabilities, Equity, Accounts Receivable, etc.
-
Parent - Accounts are structured to allow parent and child relationship. This column displays an account direct parent.
-
Balance - Balance for the account.
-
Total Balance - Total balance is the balance of an account and all its children accounts.
-
Other fields that can be set in the Account Edit are:
-
Statement Of Cash Flow Activity Type (Cash Account, Operating, Investing and Financing)
-
Statement Of Cash Flow Multiplier (1 or -1)
-
Account Type (These can be maintained in Accounting -> Maintenance -> Data Maintenance -> GLAccountType)
-
Bank Account Ref # and Routing # (used for System Check prints)
-
DEFAULT TRANSACTION ACCOUNT MAPPINGS
Every time a transaction occurs in Cetec ERP, transaction mapping allows the system to automatically post relevant ledger entries to the mapped accounts. Cetec ERP comes with both default chart of accounts and transaction account mapping which allows this automatic posting from the get-go. This means that a modification to the default chart of accounts will have to be accompanied with a modification of the default transaction account mappings.
Modifying default transaction account mapping is a precarious business that requires caution. Our implementation package (which you can learn more about here) includes basic accounting mapping. Further adjustments to the chart of accounts and account mapping may require working with us to make sure that things are implemented smoothly.
To adjust the default transaction account mappings, navigate to ADMIN » Config Settings » GL Account Settings. Here you will see three columns:
-
Name - The transaction name
-
GL Account Mapping defaults to… - What the transaction maps to in the default chart of accounts. This columns is here to help facilitate your understanding. This column is not utilized by Cetec ERP in any way other than serving as examples.
-
Account - This is where you select which account the transaction will map to.