Chapter Guide Task 1.3 Chart of Account

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Course Book 5th Edition Chapter Guide
Contents
Chapter 1 New Company and GL Entry .............................................................................................2
Task 1.3 Chart of Account ..............................................................................................................2
© 2020 by Peter Tan, 2024 edited by Nazzel

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Chapter 1 New Company and GL Entry

Task 1.3 Chart of Account
 Go to G/L > Account Maintenance
Refer to Help file (press F1) and videos on detailed explanation of chart of account.
(a) Remove accounts
 highlight the account to be removed, click Delete Account…

Repeat the steps to delete all 5 accounts.
1. click to highlight/select
the account to be deleted
3. Yes to
confirm
2. click Delete
Account

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Rename account
 click to highlight 510-0000, click Edit Account, rename it to Sales Return, Save.
the account to be modified
3. change the description,

Save.
2. click Edit
Account

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(b) Remove 3 existing stock accounts
 click to highlight the account, click Delete Account to remove..
Create 3 new stock accounts
 click on Stock button, key in the following accounts:
2. key in account no and description

for Opening Stock Account

for Closing Stock Account

1. click Stock for Balance Sheet Stock Account
Stock accounts are created as special account. Every set of stock accounts consists of an
1- Opening Stock
2- Closing Stock
3- Balance Sheet Stock.
These three stock accounts are interrelated, and under the Periodic Stock System, once the closing
stock value is ascertained, it will be reflected in financial reports as expected. You have the flexibility
to create more than one set of stock accounts, but each set must consist of the complete three stock
accounts.
You shouldn't create stock accounts as normal accounts.

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(c) Remove existing bank account
 Remove 310-1000 Cash At Bank.
Create 3 new bank accounts
 Click to highlight 310-0000 Cash At Bank, and click Bank, Cash, Deposit button: maintain the
following bank account:
2. Click
Bank,Cash,Deposit
the parent account

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2. Current
1. select bank account Assets
3. key in Account No
and Description
5. define Journal
Type
4. define payment
method
6. define payment 7. define payment

mode type
Here you may define default OR/PV numbering format for

this payment method. You will learn how to Customize
Document Numbering Format at Chapter 3, Task 3.6

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Continue at the same bank account, click on Add Payment Method to add the following payment
method: MB-CCARD
8. click to add a new

Payment Method
10. define Journal Type

9. define payment method
11. define 12. define payment type

payment mode
13. Save

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 highlight 310-0000 Cash At Bank again, click Bank, Cash, Deposit button: maintain the
following bank account: 310-PBB1: … then Save.

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 highlight 310-0000 Cash At Bank again, click Bank, Cash, Deposit button: maintain the following
bank account: 310-CIMB: … then Save.

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Finally, there are 3 bank accounts

(special account) under the parent
account of Cash At Bank.

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(d) Add Fixed Asset account
 highlight 200-0000 Fixed Assets account, click on Fixed Asset button, maintain the following asset
accounts:
the parent account
2. click Fixed
Asset
3. key in Account No and

Description of this fixed asset
4. key in Account No of the accumulated depreciation

account, notice that the Description is auto filled.

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(e) Add new normal account
 Highlight the account type: Expenses, click New Normal Account …
1. click to highlight/select the account

type: Expenses (as parent account)
2. click New
Normal Account

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2. click to add 1. key in Acc.No and Description.

a new row
3. key in Acc.No and Description.
4. Save

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(f) Change account number
 go to Tools > Change Code > Change Account Number

- click on ‘+’ button, select account no: 902-0000
- key in New Account No: 916-0000
- click on Change, OK, Close.
1. Click ‘+’ to add

a new row.
2. select account 3. key in new

to be changed account no
4. Save

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Click Refresh
Note:
Notice, the Bank Charges account number still remains the same (902-0000). This is
because the account maintenance page has not yet been updated. Click "Refresh" to
display the actual changed code for Bank Charges.

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Note for trainer!
 Back to Account Maintenance screen, uncheck and check again Show All Accounts to refresh…
- Show how to use ‘Drag & Drop’ to change the parent account.
- Explain the rules of parent/child account and special accounts:
* Parent account: must not carry transaction, must be normal account
* Child account: can be normal account or special account
* Special account: (refer to Help File: G/L Menu > Account Maintenance)
- Explain how to use search function in AutoCount Accounting V2
 End of chapter 

Chapter Guide Task 1.3 Chart of Account

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1

Course Book 5th Edition Chapter Guide

© 2020 by Peter Tan, 2024 edited by Nazzel

Chapter 1 New Company and GL Entry

(a) Remove accounts

 highlight the account to be removed, click Delete Account…

© 2020 by Peter Tan, 2024 edited by Nazzel

3. change the description,

© 2020 by Peter Tan, 2024 edited by Nazzel

(b) Remove 3 existing stock accounts

 click to highlight the account, click Delete Account to remove..

Create 3 new stock accounts

 click on Stock button, key in the following accounts:

2. key in account no and description

3. key in account no and description

4. key in account no and description

You shouldn't create stock accounts as normal accounts.

© 2020 by Peter Tan, 2024 edited by Nazzel

(c) Remove existing bank account

 Remove 310-1000 Cash At Bank.

Create 3 new bank accounts

© 2020 by Peter Tan, 2024 edited by Nazzel

6. define payment 7. define payment

Here you may define default OR/PV numbering format for

© 2020 by Peter Tan, 2024 edited by Nazzel

8. click to add a new

10. define Journal Type

11. define 12. define payment type

© 2020 by Peter Tan, 2024 edited by Nazzel

© 2020 by Peter Tan, 2024 edited by Nazzel

© 2020 by Peter Tan, 2024 edited by Nazzel

Finally, there are 3 bank accounts

© 2020 by Peter Tan, 2024 edited by Nazzel

(d) Add Fixed Asset account

3. key in Account No and

4. key in Account No of the accumulated depreciation

© 2020 by Peter Tan, 2024 edited by Nazzel

(e) Add new normal account

 Highlight the account type: Expenses, click New Normal Account …

1. click to highlight/select the account

© 2020 by Peter Tan, 2024 edited by Nazzel

2. click to add 1. key in Acc.No and Description.

© 2020 by Peter Tan, 2024 edited by Nazzel

(f) Change account number

 go to Tools > Change Code > Change Account Number

1. Click ‘+’ to add

2. select account 3. key in new

© 2020 by Peter Tan, 2024 edited by Nazzel

© 2020 by Peter Tan, 2024 edited by Nazzel

Note for trainer!

© 2020 by Peter Tan, 2024 edited by Nazzel

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