HiFinance
5
SECTION 6.5.1 - GENERAL
LEDGER RANGES
USAGE: To define the major ranges in the General Ledger chart
of accounts. Also some accounts need to be defined here to allow certain
reports to run.
DISCUSSION: The General Ledger is split up into major ranges.
The first range is usually INCOME,
followed by EXPENSES, etc. The
actual ranges depend on the structure and requirements of your company. This is
best determined by your accountant.
When you enter this function, the screen will appear
as follows:
There is space for up to 15 ranges, however it is unlikely
that you will have more than 10. Each range is defined by a 50 character
description, an upper account limit and a type. These ranges must be in numeric
order, but there are no other restrictions. The account type defines the usual
type within this range. Eg. Income is normally an R type. The available types are defined in SECTION 6. The Profit/Loss report and
the Balance
Sheet will automatically introduce major totals at account range
limits.
Apart from the above, there are also specific
accounts you need to define:
PROFIT/LOSS ACCOUNTS END
AT This defines the upper limit of Profit/Loss
accounts. The PROFIT/LOSS report will stop at this account. The entry you make
here does not have to refer to an actual account.
APPROPRIATION ACCOUNTS
END AT The Balance SHEET report
will end the appropriation section at this point. The entry you make here does
not have to refer to an actual account.
PROPRIETORSHIP ACCOUNTS
END AT The Balance SHEET report
will end the proprietorship section at this point. The entry you make here does
not have to refer to an actual account.
BALANCE SHEET ACCOUNTS
END AT The Balance SHEET report
will end at this point. Any accounts after this account will be considered as off-balance-sheet accounts. The entry
you make here does not have to refer to an actual account.
CURRENT YEAR PROFIT
ACCOUNT This must refer to an actual account. The
account is used within the BALANCE SHEET
report to total the profit for the current year.
RETAINED PROFIT This must refer to an actual account. The account is used
within the BALANCE SHEET report to
total the profit for the current year. It is also used at EOY to post the
carried forward profit. HiFinance holds two years of information. To show
profit at the beginning of the current year, the EOY routine will post a single
sided entry to this account.
To return to the GENERAL LEDGER UTILITIES MENU, press <ESC>.
Where required, enter a value into each field that
is surrounded by brackets. To move to the next field, press <Enter>. Complete your entry by pressing <F10>. If HiFinance has found no inconsistencies, you
will be asked to confirm your entries and then the General Ledger will be
updated.
