AccountRight uses prefixes to identify the account classification, such as income or expenses in the Accounts list. This means when using Statutory Reporter, suffixes or sub codes must be used to define which item belongs to each department. For example: Account Code | Description | Account Type |
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4-1000 | Department Names | Header | 4-1001 | "Name of Department 1" | Detail | 4-1002 | "Name of Department 2" | Detail |
These accounts are used to define the name of the department as well as the account code suffix relating to each department. This means that: - all profit and loss accounts with an account code ending in 1 will relate to Department 1 and appear in Department 1's Department Income Statement.
- all profit and loss accounts ending in 2 will relate to Department 2 and appear in Department 2's Department Income Statement.
Confused? This is what it looks like:
In this example, the "Name of Department 1" is Sydney which is also the account description of account code 4-1001.
In this example, the "Name of Department 2" is Melbourne which is also the account description of account code 4-1002. UI Text Box |
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| There shouldn't be any journals or transactions allocated to these Department Name accounts. The only purpose of these accounts is so that Statutory Reporter can identify that the ledger contains departments and their name. |
Where there is income or expenses incurred by the business that is not department specific, create a new account for this expense with the last digit ending in zero (0). These amounts will appear separately on the Summary Department Report. For example: For information on creating and editing account codes in Client Accounting refer to the Online Help topic: Preparing Workpapers: Accounts |