Chart of Accounts at the Beginning of the Fiscal Year

A Chart of Accounts is a list of standardized accounts used for recording accounting transactions.

Account Charts are always set at the beginning of the period. The chart of accounts cannot be changed in the middle of the period. If you have a plan to change the chart of accounts, you should do so at the beginning of the period.

In order to continue with the current account plan in the new period, not the old account plan, the “Get Chart of Accounts Based on Previous Period” box in Dashboard > System > Period Transactions > Accounting Periods must be unchecked. If this box is selected, the old chart of accounts will continue at the beginning of each new period.

Changing the chart of accounts is a difficult process for accounting. In line with the transactions made on a certain chart of accounts, current accountants and all areas that perform accounting transactions work on that chart of accounts. Balances are transferred to the next period at the end of the period. Detailed arrangements must be made to completely change the chart of accounts. E.g; If the transactions you have made on the account plan you have used for 5 years are not standardized in detail with the new account plan, it is inevitable to encounter errors at the end of the period.

To change the chart of accounts;

1. A new chart of accounts must be created in advance.
2. After the period is opened, the new chart of accounts must be transferred.
3. The old chart of accounts should be compared with the new chart of accounts. After the opening of the period, the remaining balances in the old accounts should be transferred to the new accounts.
4. Accounting screens should be adjusted.
5. Account Code should be associated with new accounts by checking selected screens. E.g; Accounts, Banks, Cash Accounts etc.
6. In case of an overlooked account, it can be checked through the Dashboard > System > Maintenance > Accounts that are not Chart of Accounts but are active.

Warning: Corrections that are not made at the beginning of the period will appear at the end of the period and will require corrections and will cause difficulties and waste of time in transitioning to the next period.