How to Add Chart of Account Codes in REST Professional
Account codes are used in Rest Professional to total all transactions by account code so that at the end of the financial year, Income and Expense Summaries can be produced. This document will cover:
- How to Create a New Chart of Account
- How to Print/Preview Chart of Accounts Report
- Important Points to Remember
How to Create a New Chart of Account
- Go to Files > Chart of Accounts.
- Click on Add Mode-F4.
- Enter new account code.
- Enter a long description i.e. Income & Expenditure Fee.
- Enter a short description if required, or leave blank i.e. I&E Fee.
- Select account type as Income or Expenditure from the drop down menu.
- Press OK-F12.
How to Print/Preview Chart of Accounts Report
- Go to Reports > Other > Chart of Accounts.
- Click on Print-F12 or Preview-F11.
Important Points to Remember
- All account codes must be 3 digits long only
- Income - Account codes -100 -199. Income codes are 101-159 and Outgoings Recoverable are 160 - 199.
- Expenses - Account codes 200 - 499. General expenses 201 - 299, Repairs & Maintenance (R&M) 300 - 399 and Fees & Charges 400 - 499.
- You should never delete or change an account code. If an account code is deleted or changed that has transactions against it, this will remove the account title from the Income & Expenditure Reports which may affect reports from previous years where the code was used. If you do attempt to change or delete an account code you will be prompted for a response code and to call Rockend.
How to Correct an Incorrectly Entered Account Code
If you have generated the owners annual Income & Expenditure Report and realised there was an incorrect account code entered, or perhaps no account code was entered, please refer to the following article for assistance to update the account code: Updating an Incorrect BOMA Code (Chart of Account) in Rest Professional