How to Maintain Chart of Accounts

How to make & maintain Chart of Accounts

        To make chart of accounts, following steps should be taken.

This window will appear first. Click on ‘open an existing company’.

You will see this window. Click the ‘browse’ following window will appear.

After the appearance of this window, there will be an option of ‘Drive’. Go to the ‘Z’ drive and double click the file.

Above window will open. Click on the ‘Maintain’ option and click to the charts of accounts option.

The ‘Maintain chart of accounts’ window will appear. Three main options in this window are,
· Account ID
· Description
· Account Type


Now discussing about the procedure that how we should enter data in chart of accounts and how to save it, following steps are imperative to follow.

If we have to enter the ‘cash in bank’ in to chart of accounts,
· Write the code of account in ‘Account ID’ i.e. cash in bank’s code is 105.
· Press the ‘Tab’ key and you will automatically jump on ‘Description’.
· Write the title of account in ‘Description, i.e. Cash in bank is the Description.
· Again press the ‘Tab’ key and you will automatically jump on the ‘Account Type’.
· Cash in bank’s account type is ‘Cash’. So word ‘Cash’ starts with. We will press alphabet ‘C’ in account type. The ‘Cash’ will automatically appear.

Now question arises that how the data, we entered, will be saved. It is very important that data we are entering should get saved or it will be vanished.
After we have followed the above steps of, how to enter the data, we must press ‘Alt+S’ for the sake of saving the data. Now how should we know that data has been saved? The answer is, after pressing ‘Alt+S’ the curser will go back to the ‘Account ID’ bar.


Now to look for saved data, we must click the ‘look up’ buttonthen the following window will appear.

If we see that there is some mistake in ID, description or account type and we want to delete it,
Click on look up button, if there is any mistaken account, double click on it. After double clicking on it, that mistaken data will be shown on the window. Click the ‘Delete’ option. That mistakenly entered data will be deleted.
Now for changing ID of any account, again go to the look up button, choose the mistaken data, there will be an option of ‘Change ID’ on top of the toolbar


Click on it the following window will appear.

It will ask you to enter new account ID. Write the correct one and click the ‘OK’ button. It will be saved.
Maintain Chart of Accounts Beginning Balances:
Now we will see that how beginning balances charts of account is maintained.

After opening the ‘Maintain Chart of Accounts’ window, you will seeBeginning Balance key. Click it.
After clicking it, following window will appear:

It’s a ‘Select Period window. You have to select the period. Suppose the period is of January, you have to select 12/01/09 to 12/31/09.
After selecting period, press ‘OK’ option.
Following window will appear.

Click to any white bar and type the amounts relatively. Enter all the beginning balances and make sure they would be correct and you did not left out with any account.
How to add a new Account in Beginning Balances:
Whenever you want to add a new account go to Maintain Chart of Accounts window and select New Button, Enter new account id, Description, account type and press OK.
How to Delete an Account from the Chart of Accounts:
If an account has a nonzero balance then you can enter an adjusting transaction to the General Journal to bring accounts balance to zero.
How to maintain the account stationary:
Select an account which you to make immobile and click on a look up button