When deciding on your Chart of Accounts, there are several options:
Option 1 – Utilise your existing Chart of Accounts
Whilst the maximum number of characters for your Main Accounts is 20, five or six numeric characters are most common and manageable. These can be alpha/numeric. This allows flexibility and the option to continue with your business’ existing Chart of Accounts. However, this also unlocks a potentially rare opportunity of being able to start again with a fresh new Chart of Accounts coding structure to allow growth, future-proofing and possibly consolidation with other business’ within your organisation.
Option 2 – Use the Seer 365 Chart of Accounts
GYDE365 provide four different types of Chart of Accounts as part of the GYDE365 output design solution.
Note: These codes can have the description changed or codes removed (depending on the relevance of the code and if they are used in the posting table setup)
Financial Dimensions are not included
These are split by:
- STANDARD: This is a full list of all Main Account codes, over 340 included, covering multiple industries and saves the time of creating a new Chart of Accounts from a blank canvas. Theses codes, as standard, pre-populate the relevant posting tables, further streamlining implementation time. Select the button below to view these codes.
2. PROFESSIONAL SERVICES: Seer 365 have a wealth of experience in Professional Services accounting. This default Chart of Accounts provides all relevant Main Accounts for a Professional Services business, including project and accounting codes to allow for revenue recognition and subscriptions with accruals. Select the button below to view these codes.
3. MANUFACTURING: Along with Professional Services, Seer 365 has many years experience in the Manufacturing industry. This default Chart of Accounts provides all relevant Main Accounts for a Manufacturing business, including multiple product revenue lines with accrued sales, landed costs, cost variance and inventory valuation. Select the button below to view these codes.
4. BASIC: The basic Chart of Accounts provide a non-industry standard list of codes primarily aimed at new business’, allowing additional codes to be added, existing codes description changes and codes that aren’t required, to be removed. The existing numeric codes cannot be changed.