Summary
In this module, you learned about the process of planning and setting up a chart of accounts that's tailored to meet the specific needs of your organization's customer finance department.
Additionally, you learned about the following key points:
Customer requirements gathering - Involves asking questions to understand the degree of specification needed and how to structure the chart of accounts. Considering suggestions from external accountants and alignment with the customer's preferences are important components to this process.
Chart of accounts planning - This process involves listing and grouping accounts based on similarities in revenues, costs, and balance. You need to consider future scalability by leaving space between account numbers and deciding the order of operating and balance accounts.
Chart of accounts setup - A chart of accounts is a collection of accounts that form a financial framework. Financial dimensions help you track transactions within accounts.
Main accounts setup - This setup involves creating user-defined rules and account structures for attaching financial dimensions to main accounts and other financial dimensions. It also includes grouping accounts into revenues and costs (operating accounts) and assets and liabilities (balance accounts).
Multiple chart of accounts - You can use the same chart of accounts across multiple legal entities, or you can define entity-specific charts.
Chart of accounts configuration - This process involves setting up main accounts, dimension values, structures, and advanced rules for the chart of accounts.