Specifications

Computer Tutorial 3 Lesson 1  9
6620
Shop supplies
Active I,DR,F
6640
Subcontract costs
Active I,DR,F
6660
Traveling expenses
Active I,DR,F
6680
Telephone, telex, fax
Active I,DR,M
6700
Utilities
Active I,DR,M
6720
Wages & benefits, direct
Active I,DR,F
6725
Employer taxes, direct
Active I,DR,M
6740
Wages & benefits, indirect
Active I,DR,F
6760
Wages casual, direct
Active I,DR,F
7100
Realized exchange gain
Active I,CR,M
7110
Realized exchange loss
Active I,DR,M
7200
Exchange rounding error
Active I,DR,M
8000
Disposal of assets, proceeds
Active I,CR,F
8100
Disposal of assets, cost
Active I,DR,F
9000
Corporate income taxes
Active I,DR,F
9100
Corp. income taxes - deferred
Active I,CR,F
9999
Suspense
Active I,DR,M
158 accounts printed
Accpac has a very flexible structure. With the commercial version of the program, you can set
up a chart of accounts with a maximum account length of 45 characters and 10 segments.
How an organization sets up its chart of accounts depends on its needs.
The chart of accounts for Sample Company Ltd. has been set up with the following structure
in mind. It uses a three-segment account code. The first four characters specify the account
and the second segment has three characters and represents the division or section of the
company. For example, segment 100 indicates the commercial division. The last two
characters can be used to break down the information of a given account into further detail. It
may be useful to break down the information into additional accounts for specific regions, for
example. Therefore, account 4000-100-10 could indicate commercial sales, North, while
account 4000-100-20 could represent commercial sales, South.
Remember: before you set up a chart of accounts, take the time to think through the needs of
the organization. What type of information will you need to access from the system on a daily
basis? Once you have answered this question, you can start designing your chart of accounts.
In Topic 7.1, you learn more techniques for designing a chart of accounts for an accounting
entity.
TOPIC 1.4
Manual accounting systems
In a manual accounting system, it is possible to introduce errors when journal entries are
recorded, or when entries are posted from the general journal and specialized journals to the
general ledger. In order to determine if the general ledger is in balance, a trial balance is
prepared, typically on a columnar worksheet. For each account, the debit or credit balance is
entered in the trial balance worksheet in one of two columns, which are then added. The
sum of all debits must equal the sum of all credits; otherwise, the general ledger has an error.
A general ledger that has matching totals for debits and credits is said to be in balance. A trial
balance may also show all debits and credits in a single column that totals to zero.