If you are looking for the Reportance Desktop help, please click here.

Managing the Standard Chart of Accounts

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. These layers can be edited at both the firm and the client level. For more information on managing the chart at a client level see the knowledge article: Accounts.


To manage the master chart of accounts for the entire firm (called the standard chart), navigate to the Admin Centre from any screen using the navigation menu in the top right-hand corner of the screen. From here select Standard Chart of Accounts.




Understanding the standard chart


Accounts

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


Terminology

The standard chart can accommodate different entity types for efficiency and ease of use. Changing the 'Terminology' to the right of the search bar will change relevant account names to match the entity type chosen.



The example below shows how the terminology of various equity accounts changes depending on the entity type chosen:



Note: If a header/account is created (see below) without selecting an entity type, it will appear in the standard chart regardless of the 'Terminology' chosen when creating or viewing it.



Creating standard headers


A standard header is distinguished from a system header (one of the default headers provided by Reportance) by the fact that it can be relocated to another header account and can also be renamed and deleted. To add a standard header, click on the ellipsis to the right of an existing account header. This will bring up a menu allowing you to choose Add Standard Header



This will take you to a dialogue screen to enter the details of the header:


FieldDescriptionValidation
Account NumberThis is the number of the header that will appear in the standard chart.

Account NameThis is the name of the header that will appear in the standard chart.Required
Account Type
(drop-down menu)
Represents the system header from the standard chart which the account is allocated to.
If left blank the header will be created with the account type of the parent header.
DescriptionDetails of the header if required.
Report LabelsThis is the label that the header will be allocated to for alternative reporting purposes. For more information on report labels see the administrator guide: Reporting - Page Layouts.
Options will be dependant on what labels and page layouts have been created for the firm.
Entity Types
(drop-down menu)
If provided, the header will only be available for the selected entity type. More than one type can be selected.

Recommend Only
(checkbox)
If checked, the header will not be automatically added to the master chart and can be added on a client by client basis as required. For further information see the 'Account recommendations' section in the knowledge article: Accounts.
Expect Multiple
(checkbox)
If checked, the master chart will expect this header to repeat itself more than once.

An example of a standard header is shown below. Once complete click Save Standard Header




Creating standard accounts


The ability to add accounts to the master chart means that a standardised naming system can be used for the entire firm. To create a standard account, click on the ellipsis to the right of the account header you want the account to sit under. This will bring up a menu allowing you to choose Add Standard Account. Enter the following details for the account:


FieldDescriptionValidation
Account NumberThis is the number of the account that will appear in the standard chart.

Account NameThis is the name of the account that will appear in the standard chart.Required
Account Type
(drop-down menu)
Represents the system header from the standard chart which the account is allocated to.
If left blank the account will be created with the account type of the header.
DescriptionDetails of the account if required.
Opening Balance AccountIf 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.

Report LabelsThis 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 be dependant on what labels and page layouts have been created for the firm.
Entity Types
(drop-down menu)
If provided, the account will only be available for the selected entity type. More than one type can be selected.

Prefer Group
(checkbox)
If checked, a custom header will be created to group multiple accounts linked to this account.

Recommend Only
(checkbox)
If checked, the account will not be automatically added to the master chart and can be added on a client by client basis as required. For further information see the 'Account recommendations' section in the knowledge article: Accounts.
Recommendation Rules
Reportance will recommend linking accounts to this account if it finds the added text string anywhere in the account name. Multiple text strings can be added.
Text string

An example of a standard account is shown below. Once complete click Save Standard Account.




Editing system headers


To edit one of the default headers that comes with Reportance, click on the ellipsis to the right of the header and select Edit from the menu. From here you have the option to change the account name by clicking on the Customise button. The original name will still be shown in the edit window and can be reverted back to at any point. It is also possible to add name variants for different entity types as shown below:




Finalising the chart


Below is a small example of how a standard chart can be customised to enable a firm-wide standard: 



Note: Selecting the correct account type is important for tax report purposes. In the example above, Rent has the 'Rent Expense' account type manually selected rather than inheriting the parent header account type, 'All Other Expenses'. This will ensure that the Tax Form report has balances allocated to the correct tax labels.




Next article: Managing Firm Default Matching Rules

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.