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Table of Contents (Online Help)

 

Chart of Accounts

In Loan Performer, the American Chart of Accounts is kept as the default. In this system, Accounts starting with 1 are Assets, 2 - Liabilities, 3 - Equity, 4 - Income and 5 - Expenses. However you can Import your own Chart of accounts to replace the default one at System/Configuration/Accounting/Import Chart of Accounts and if you already have data entered then you can replace it at Tools->Replace Chart of Accounts but this will require you to have supervisory rights set at System/Configuration/Users.

Balance accounts start with 1; 2 or 3, whereas Profit and Loss Accounts start with 4 and 5. In the American system you should not use or create accounts that start with 6, 7, 8 or 9. Each account number will by default have 6 digits. However you can change and increase this at System/Configuration/Accounting/Accounts Settings.

However most Francophone charts of accounts such as BCEAO for West African states and DRC have 9 classes compared to the Anglophone and American accounting system which have 5 (1 – Assets, 2 – Liabilities, 3 – Equity, 4 – Income, 5 – Expenses). However the Balance Sheet shows only 3 items i.e. Assets, Liabilities and Equity.

The user is free to choose his preferred chart of accounts for a fresh empty database. Afterwards, the field is greyed out when data is entered into the system. In LPF, the chart of accounts is defined once.

To view the Chart of Accounts you go to Accounting->Chart of Accounts

How to create a new GL account/Sub-account

To create a new account/sub-account you go to Accounts/Chart of Accounts and a screen will appears as follows:

Note:

Accounting lettering is used to verify the status of payment of invoices by assigning a mark, most often a letter or a combination of letters. This system is often used to verify the correct payment of invoices (issued or received from suppliers) and thus identify invoices awaiting payment, or whose payment does not correspond to the expected amount.

In general, the matching is mainly done on supplier and client accounts


.

To modify/delete an account, the user will highlight that account, enter the modifications and click the Update/Delete button. Once you have transactions on an account, you can only delete the account if you transfer the balance so the account becomes zero and you then do a year closure.

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