Chart of Accounts at the Beginning of the Fiscal Year
Chart of Accounts, is the list of standardized accounts used in recording accounting transactions.
Charts of Accounts are always determined at the beginning of the period. The chart of accounts is not changed in the middle of the period. If you have a plan to change the chart of accounts, you should do this at the beginning of the period.
In order to continue with the current chart of accounts instead of the old chart of accounts in the new period, the Get Chart of Accounts Based on Previous Period box located in the Control Panel > System > Period Transactions > Accounting Periods should not be checked. 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 carried out on a certain chart of accounts, all current and accounting areas 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. For example; If the transactions you have made on the chart of accounts you have used for 5 years are not standardized in detail with the new chart of accounts, it is inevitable to encounter errors at the end of the period.
To change the chart of accounts;
- The new chart of accounts should be created in advance.
- The new chart of accounts should be transferred after the period is opened.
- The old chart of accounts should be compared with the new chart of accounts. After the period is opened, the remaining balances in the old accounts should be transferred to the new accounts.
- The screens on which accounting transactions are made should be determined.
- The Account Code should be checked and associated with the new accounts. For example; Corporate Accounts, Banks, Safes, etc.
- In case of an overlooked account, Control Panel > System > Maintenance > Chart of Accounts Accounts that are not in the Chart of Accounts but are active can be checked through the report.
Attention: Corrections that were not made at the beginning of the period will appear at the end of the period and correction will be required and will cause difficulties when moving to the next period. will lead to loss.