Chart of Account Maintenance

Chart of Accounts is the listing of all accounts that the organization used for their general ledger. QNE has the flexibility to tailor fit the chart of accounts structure that is best suite in the needs as well as  adding new accounts.  

Using the Navigation Panel, go to General Ledger and select Chart of Accounts.

QNE Chart of Accounts has already defined default structures based on the standard accounting. 

In order to view sub-ledger accounts, you can click the arrow icon beside the account.

The account which are in blue color states that the account handles special account types that are as follow:

Current Assets: 

BAC – Bank Account

CAC – Cash Account

DAC – Debtors Control Account

SAC – Stock Control Account

Fixed Assets: 

ADA – Accumulated Depreciation Account

Current Liabilities: 

CCAC – Creditors Control Account

Equity: 

APLAC – Accumulated Profit and Loss Account

Cost of Sales: 

OST – Opening Stock Account

CST – Closing Stock Account

To create new accounts, highlight a specific parent account type and select New under Common Tasks

In the Account Entry Form, specify a new GL account code (must be unique), a description and the normal account balance. Then, check if the account will handle a special account type.

Chart of Accounts can have multiple levels per each account and follows the Parent and Child property inheritance. Whenever there’s an account that needs to be grouped, click and hold the account and drag it to a specific parent account.

To check the property, select the account and click Edit using common task. 

Note: Accounts will have already entries cannot be deleted nor have sub-ledger during the set-up phase.