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Chart of Accounts |
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The Chart of Accounts is the key file for accounting. It assigns an account number to each category of financial information that needs to be tracked. Every exchange of money must be assigned to the correct general ledger account. XETEX Xebra has tools that allow most of the accounting decisions to be made ahead of time. Most of the routine operations in a properly setup system can be handled without the operator being concerned with general ledger account numbers. If your operators are not trained to handle exceptions, the person assigned to the bookkeeping function will need to make the appropriate adjustments after the fact. In this chapter, we will study the Chart of Accounts. We can only deal with the generalities of the structure and the mechanics of making entries. We cannot provide you with accounting advice or tell you what account numbers you should use. You should have definitions for the expense account numbers that you use and your checking accounts. A sample Chart of Accounts is included with your software. You have complete freedom to change it, or delete it and start all over. If you wish to start over, contact us. We can save you the time it would take to delete each account individually. Whatever you do with the chart of accounts, be sure to involve your accountant. It is beneficial to organize your chart of accounts before you start using the system. Once you start accumulating data, it is more difficult to reorganize.
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