Chapter 3 - Establishing Chart of Accounts

Navigation

- Pro Gold XP Main Menu => Accounting Tab => Chart of Accounts & Budget Icon

Helpful Hints

- Note you “cannot” copy/import your existing chart of account structure into Pro Gold XP
- Use buttons at bottom of screen to perform setup/modification needs
- You may Edit or Delete any of the default accounts or add New accounts as needed for your company
- Can use Group Type (0-9 and A-Z) to group and sub total similar G/L accounts (e.g., Sales Income, Misc Income, Advertising, Payroll, Misc Expenses, etc...)
- Group Types print in numeric/alphabetical order (e.g., 1, 2, 3, A, B, C, etc…)
- Sequence numbers primary function is to control the order that a G/L account prints within its group (e.g., 1 will print first, 2 second, etc...)
- Repeating Sequence numbers for the same G/L account rolls up sub account G/L accounts into the original main account on financial report (i.e., Income Statement)
- To use sub accounting:

• Must have/add a main G/L account without sub account data
• Setup sub-account structure as follows:
  - Edit a main G/L account
  - Select the Create Sub Accounts button on edit screen to open the sub account creation form
  - Enter sub account number (101, 102, etc,) and a description for each
  - Select Close button
  - Structure is now set and available to use
• Typical sub account structure as follows
• Sub # 101 for office one (Use office name in sub account description)
• Sub # 102 for office two (Use office name in sub account description)
• Once all offices are covered, you can use 120 thru 999 for departmental sub accounting
• Must repeat the sequence number for each G/L from the Main G/L through all sub account entries
• Enter/Assign sub-accounts as follows:
1. Edit a main G/L account
2. Select the Create Sub Accounts button on the edit screen
3. Enter check in select box for accounts to use
4. Select Create Accounts button on the sub account creation form
5. Hit OK on edit screen and verify your entries
• If you have an escrow/trust checking account, you must setup an escrow checkbook asset account and an offset liability account (system contains default escrow asset/liability accounts: 1100/2500)
• If you are going to manage receivables (especially agent type), you will need an undeposited funds asset general ledger account (i.e., 1090) to support payment  cash/check payment transactions coming directly from agents (not the same as a deduction when processing a commission check)
• Can use Print button in Chart of Accounts to print entire chart of accounts
• Select Print
1. Use All Accounts option
2. Preview
3. At Preview screen, type a lower lowercase P on your keyboard to bring up print dialog box
4. Click Ok to print
• Can print the Income Statement report to view the actual Income/Expense structure
1. Go to Accounting Reports Icon on the Main Accounting Tab
2. Select the Income Statement report
3. Click Preview option at bottom
4. Select No at the beginning balance screen
5. At Preview screen, type a lower lowercase P on your keyboard to bring up print dialog box
6. Click Ok to print
7. Can use this function to compare to your existing structure/layout and verify your structure as you make changes
• Should add all new (i.e., company unique) general ledger accounts before using Pro Gold XP
Establishment of financial balances for accounts (e.g., G/L balances, Bank Account Starting Balances, etc…) will be accomplished in a separate training moduleasdf