Accounting Set-Up
Step 1. Chart of Accounts
When you are ready to begin your accounting, you should first print AgencyToday's list of Chart of Accounts and compare them with the Chart of Accounts you are currently using.
To print the Chart of Accounts:
1. Select the
Accounting menu. From the Accounting menu, select General Ledger.2. Select the
G/L Reports menu that is now displayed and then select Chart of Accounts.3. When the Printing Options screen appears, the correct defaults will automatically be set. Click on the
OK button.You may add to the list of accounts as well as edit or delete certain accounts if necessary. In AgencyToday, there are several accounts which are required and may not be edited or deleted. The details regarding these accounts are as follows:
Cash Accounts:
AgencyToday requires the trust and operating accounts have separate chart codes and that the check numbers for these accounts not overlap. Up to five different trust and five operating accounts may be set up.Clearing Accounts:
At the end of each section of accounts, we set up a "_999" account called a Clearing Account. These accounts are mandatory and are used in the event an account within the section cannot be found. The amounts default into this account to avoid an out-of-balance transaction.Accrued Payables:
This account, "2010" is required and cannot be changed. It is used to show accrued operating payables and once an item is actually paid, the balance is relieved from this account.Company Payables:
Each Insurance Company has a "2005-xxx" account. The "xxx" is replaced by the actual three digit alpha code assigned to each insurance company in the company set-up table and these accounts are required for all companies used.Producer Payables:
Each producer has a "2006-xxx" account and a "5005-xxx" account. Again, the "xxx" is replaced by the actual three digit alpha code assigned to each producer in the producer information set-up table. The "2006-xxx" is the payable account and the "5005-xxx" is the expense account. These accounts are required.Profit & Loss:
This account "3410" is also required. AgencyToday uses this to store profit or loss for Balance Sheet purposes. In addition, the "3500" Retained Earnings account is also required.IF NO CHANGES ARE NECESSARY, CONTINUE TO STEP 2.
To Edit the Chart of Accounts Listing:
1. Go to the
Accounting Menu and select General Ledger.2. When the Chart of Accounts screen appears, select the
LIST button.3. A list of the Chart of Accounts will display at the bottom of the screen. If you click on one of the accounts, the information for this account will fill in on the upper portion of the screen.
4. Click on
EDIT box at the right and type in the new Chart Account #.To ADD a New Chart Account:
The easiest way to add a new chart account is to select an existing account from the category you need, DUPLICATE it and change the account number and name.
Example
: If you need to add a new expense account, select from the list of an existing expense account (probably the last on the list such as 6620). Then click on the DUPL button. Now you have a duplicate copy, however, you will still need to type in the new Chart Account # and the new Chart Account Name. SAVE.Click below to continue to Step 2.