The Accounts screen is how you configure your client's various charts of accounts into the Reportance master chart, provide custom header accounts for reporting purposes and alter individual accounts. On the right-hand side of the screen is a list of accounts that have not been allocated into the master chart.
The master chart can be customised by an Administrator to provide a firm wide standard (for more information see the administrator guide: Managing the Master Chart of Accounts). However, this article will discuss the following topics in relation to the master chart at the entity level only:
- Understanding the master chart
- Allocating unallocated accounts
- Account options
- Account recommendations
- Accounts screen view
- Source accounts screen
Understanding the master chart
Reportance works with a number of different account types. It is important to familiarise yourself with the following terms:
- Account - has been created in Reportance generally for presentation purposes. An account may have several source accounts linked to it
- Source Account - exists in the client's accounting system and contains ledger data
- Standard Account - has been created in Reportance at a firm level to help standardise the chart. A standard account may have several accounts linked to it
- Master Account - another term for the system headers (see below) provided by Reportance
The master chart of accounts comes with a range of default system headers which cannot be changed. However, you can add additional layers of grouping to enhance the readability of the accounts. Importantly, in the Reports screen, you will also have options to hide group details or include them in the notes, making them a powerful way of managing the amount of detail displayed and giving you the ability to customise a given report.
To add a custom header, select an existing account header under which you wish to create the new custom header, and click on the ellipsis to the right. This will bring up a menu allowing you to choose Add Custom Header.
A custom header is distinguished from a system header (one of the default headers provided by Reportance) by the fact that it has the hamburger icon (). A custom header can be relocated to another header account by dragging and dropping it. You can also rename or delete the custom header at any point by clicking on the ellipsis to the right.
In the image below, the 'Cash and Cash Equivalents' account is a system header, while the 'Bank Accounts' account is a custom header.
Allocating unallocated accounts
There are four ways to allocate accounts:
- Auto allocate
- Drag and drop
- Right click > insert
- Quick group
1. Auto Allocate: Uses a set of system-defined rules to automatically allocate the accounts. To auto allocate accounts using the firm default matching rules select Auto Allocate as shown below.
Note: These rules can be defined globally by the Administrator and/or on a per entity basis (for more information on how to add and edit matching rules see the knowledge article: Accounts - Auto-Allocate Matching Rules).
2. Drag and Drop: Allows you to select the unallocated account on the right and drag it into place of the left-hand side of the screen. When dragging an account, the placeholder can show one of two options:
i. A grey Insert here line: This will reposition the account to the location of the insert line.
ii. A blue border of an existing account: This will result in Reportance combining the two accounts and treating them as one. This can always be undone by clicking the edit icon and selecting the unlink icon of the relevant account.
Accounts that have been moved using the drag and drop method are marked as 'Manual'. Therefore, they will be excluded from any future auto allocations, this ensures that the accounts are not constantly changing.
3. Right Click > Insert: Click on the unallocated account/s on the right-hand side (to select multiple accounts use the shift and ctrl key options) so they are highlighted in grey. Then right-click the relevant area on the left-hand side and insert the account/s above, below or into a header.
4. Quick Group: Allows you to quickly create a group of accounts under a custom header. Click on the unallocated account/s on the right-hand side (to select multiple accounts use the shift and ctrl key options) so they are highlighted in grey. Then right-click on the selected accounts. This will bring up the Quick Group option.
Once Quick Group is clicked you will be taken to a screen that allows you to name the custom header that the selected accounts will sit under. You can also select the classification and account type that this group will belong to. By default, the account type will be set to 'All Other Expenses'. To override this, change the mode to the right from 'Inherited' to 'Manual' (see the Accounts - Auto-Allocate Matching Rules knowledge article for more information on the mode function).
Note: The 'Drag and Drop', 'Right Click>Insert' and 'Quick Group' methods can also be used to move accounts and custom headers in the allocated screen to arrange the master chart to your preference.
On the allocated screen, you can select the ellipses or edit icon against any row to do the following:
|Action||Description||System Header||Custom Header||Account|
|Add Header||Adds a custom header underneath the chosen header account.|
|Sort by Account Name||Sorts all accounts and headers immediately underneath the chosen header by account name.|
|Sort by Account Number||Sorts all accounts and headers immediately underneath the chosen header by account number.|
|Delete Header||Allows you to delete the header.|
|Edit Account*||Allows you to edit the details for this account, including the account number and name to be shown in Reportance (for further details see below).|
*Edit Account Options:
|Account No||This is imported from the Source. If it is a manually created account it should be a unique value. |
|Account Name||This is imported from the Source. If it is a manually created account it should be a unique value.||Required|
|The standard classification of the account. This is for presentation and easily finding accounts. It does not impact on financial reporting.|
|Header||States the system or custom header that the account sits under.||Cannot be edited. Will only change if the account is reallocated.|
|Represents the system header from the master chart which the account is allocated to.||Can only be edited by changing the Mode from Inherited (see below).|
|Opening Balance Account|
|If selected, this account will be classed as the opening balance account for all accounts under the same header. For more information on opening balances see the knowledge article: Accounts - Opening Balances.|
|Swinging Account Information||Determines whether the account will be displayed in a different location if it has a negative balance. An alternative name and account type can be chosen for when the account swings. If left blank the defaults will be used. For more information see the 'Page settings' section in the knowledge article: Reporting - Page Layouts.||Only available for certain accounts. For these accounts the default is set to 'Is Swinging Account'.|
|This is the label that the account will be allocated to for alternative reporting purposes. For more information on report labels see the administrator guide: Reporting - Page Layouts.||Options will depend on what labels and page layouts have been created for the firm.|
|This is the default division that the account is assigned to. This is useful for reporting on different offices and locations. To learn more about divisions see the knowledge article: Accounts - Divisions.||Options will depend on what divisions exist for the entity.|
|Default Trading Account|
|This is the default trading account that the account is assigned to. This is useful for reporting trading profit and loss accounts or livestock trading accounts. To learn more about trading accounts see the knowledge article: Accounts - Trading Accounts. ||Options will depend on what trading accounts exist for the entity. |
|Primary Production Cost Type|
|Used in the primary production calculator to allocate livestock quantities for reporting purposes. To learn more about primary production see the knowledge article: Datasets - Other Info - Primary Production.||Only appears if a trading account designated as primary production has been allocated to the account.|
|Consolidate (checkbox)||Used when combining entities for reporting purposes. To learn more about consolidations see the knowledge article: Consolidations.|
|Auto Match Mode||Adjust this to control whether auto-match rules should be run on this account (for further information see the knowledge article: Accounts - Auto Allocate Matching Rules).||Auto - Auto-match rules will be run on this account|
Manual - Auto-match rules will not be run on the account
|Mode||Adjust this to control whether auto-match rules should be run on this account, or whether it should be inherited from the header account. ||Inherited - The auto-match property will be inherited from the header account |
Manual - Auto-match rules will not be run on the account
Rule - Auto-match rules will be run on this account
|Source Accounts||Shows which source accounts are linked to the account. This enables individual accounts to be allocated to divisions and/or trading accounts independently. You are also able to unlink accounts or mark them as inactive (see image below).|
The master chart can be customised in the Admin Centre to provide a firm wide standard (for more information see the administrator guide: Managing the Master Chart of Accounts). The setup of this standard chart will determine which accounts and headers will be recommended in an entity's chart.
Recommendations can be seen in the column to the right of the Detail column. Clicking on the information icon above the column will show you the legend of the different recommendation types.
Note: It is not necessary to accept or decline all recommendations in the chart. They are there as a guide only.
To view the recommendation/s click on the icon of the relevant account. In the case of '404 Bank Fees' below, a standard account has been set up and you are being recommended to link to it by selecting the first option in the dropdown. It is also possible to link to another account if preferred. If more than five standard accounts exist under each header you have the option of searching for that standard account by selecting Find Standard Account. If there are less than five standard accounts available they will be present in the dropdown.
Of course, it is also possible to decline the recommendation by selecting the decline option. If you choose to do so a lock will appear in the column. Clicking on the lock brings up the option to re-enable the recommendations.
Similarly, it is also possible to unlink from the standard chart by clicking on the green tick icon and selecting Unlink from Standard Account.
WARNING: Unlinking from a standard account does only that. It does NOT revert the account name or number back to it's previous form. Also, if you have linked several accounts to the same standard account and then use the 'Unlink from Standard Account' option, all those source accounts will remain linked in the chart account and will need to be manually unlinked by editing the account.
Accounts screen view
The Accounts screen can be set to different views to optimise working with accounts. The different views that can be used are:
- Default view
- Consolidations view
- Divisional and trading account view
- Primary production view
- Recommendations view
- Report labels view
If you navigate away from the accounts screen, the last view you were using will remain when you return.
1. Default view
This is the view you will see when first working with an entity's chart of accounts. It is the best view to use when allocating accounts.
Note: In all views it is possible to contract or expand the unallocated list by clicking on the arrow between the allocated and unallocated accounts lists. In certain views this defaults to contracted.
2. Consolidations view
This view allows you to quickly tag accounts as those that need to be consolidated for reporting multiple entities by simply ticking or unticking the checkbox next to the account. If the account is ticked, a 'Consolidate' tag will be present next to the Detail column in all account screen views.
For more information on consolidations see the knowledge article: Consolidations.
3. Divisional and Trading Account View
The divisional and trading account view shows an overview of division and trading account allocation by account. From this screen you can add or remove accounts from divisions and trading accounts without having to enter the edit screen of each account individually. The blue division tag and grey trading account tag next to the Detail column are only visible in this view.
In the image above '400 Advertising' has a blue Multi tag allocated to it. This is because there are a number of source accounts combined in this account and the individual source accounts have been allocated to different divisions. Ticking the Show Source Accounts checkbox will show you the divisions and trading accounts at the source account level.
4. Primary production view
This view allows you to quickly allocate or remove trading accounts designated as primary production. This option is only available for 'Cost of Sales' accounts. Once a trading account has been chosen, a second dropdown will become available to allow you to choose the production cost type. These designations are used when preparing primary production quantity journals.
For more information on primary production see the knowledge article: Datasets - Other Info - Primary Production.
5. Recommendations view
The recommendations view is an expanded view of the account recommendations discussed above. It shows the recommended links to standard accounts without having to click on the star icon of each account. You are able to accept individual recommendations by clicking on the Accept button. It is also possible to accept all recommendations at once by clicking the Accept All Recommendations button below the search bar. The accept all option is also available from the information icon (the legend) above the recommendations column.
6. Report labels view
Source accounts screen
By navigating to the Source Accounts tab, you are able to see a list of all accounts by source. Select the relevant source from the dropdown menu in the top left of the tab. From here you can see what accounts the source accounts have been linked to (if any). In the image below you can see that the 'WBC Account' account has been linked to the '090 Business Bank Account' account in Reportance.
This screen can also be used to delete or inactivate accounts. This is particularly useful if you have deleted a source and no longer want the accounts associated with that source in the chart of accounts. Either inactivate or delete each account individually by using the Inactive checkbox or trash icon to the right of the relevant account, or do a bulk delete by clicking the Purge All Unused Accounts button.
Note: You can only delete accounts that have no underlying data.
Note: Once customised, the master chart for this entity will remain static for future years (unless edited). You will only need to allocate any new accounts that may arise.
Next article: Accounts - Divisions