The Accounting module in Loan Performer is used to manage accounting transactions all loan transactions in your organisation.
By default, Loan Performer accounts have a fixed Account Structure of 6 digits per account. However, the user can modify this (see System/Configuration/Accounting, width of the GL Account No.). With 6 digits you can have up to a maximum of 999,999 accounts. With menu “Accounts/Chart of Accounts” you can add or delete accounts, print a chart of accounts or export/import the chart of accounts to another branch. Importing of accounts is only possible if the accounts that have transactions in the current financial year also occur in your imported chart of accounts.
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System Accounts works with a number of System Accounts, which form an integral part of the application. They are always active and cannot be deleted. Non-system accounts are additional accounts created by the user. They can be activated/de-activated and deleted. System accounts are the following (The codes refer to the American Chart of Accounts, used by default. You can however use the codes of the Chart of Accounts used by your organization):
You may want to add or modify account numbers or account labels, especially if you are not using the American chart of accounts. For that, go to menu "Accounts/Chart of Accounts". Click on an account in the list, modify the label and/or account number and click on the "Update" button. Loan Performer checks if the new account doesn’t exist as yet. If it does, Loan Performer will refuse the update. If the old account has transactions in the current financial year, you won’t be able to change the account number. Before the end of the financial year, you have to create a new account and transfer the balance of the account that you want to delete to this account with menu “Accounts\Transactions”. You can then close the financial year and - now that the balance of the old account became zero - you can delete the old account. However there is one danger to this procedure: if ever you want to produce reports that cover periods that begin before the start of the financial year, Loan Performer cannot find the account anymore and will produce incorrect results. So we advise to leave the account with the zero balance in the chart of accounts and just produce reports with the checkbox “Only for non-zero balances” activated.
In addition to the “system accounts” you can add your own accounts. Each non-system account can be activated/de-activated. Each non-system account can be deleted as long as there are no bookings made on the account. You have to indicate to which header your account belongs and you may link your account to a budget item.
The Branches and Funding Agencies that you define under “Support Files” as well as the Products that you define under “Configuration” are part of the accounts administration. For each branch, product and funding agency that you define, you will be able to produce a separate Profit & Loss Statement.
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