accountchart

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accountchart [2025/04/30 07:41] – chillhubadminaccountchart [2026/04/27 08:31] (current) – chillhubadmin
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     * Current Asset: //Short-term assets expected to be converted into cash within one year (e.g., cash, inventory, accounts receivable)//      * Current Asset: //Short-term assets expected to be converted into cash within one year (e.g., cash, inventory, accounts receivable)// 
     * Non-current Asset: //Long-term assets that will not be liquidated within a year (e.g., land, buildings, equipment)//      * Non-current Asset: //Long-term assets that will not be liquidated within a year (e.g., land, buildings, equipment)// 
 +  * **Obsolete**: Mark this account as obsolete to indicate it is no longer used. Obsolete items will be hidden from selection in future transactions but retained for historical records. 
   * **Liability Type**: Current Liability/Non-Current Liability (only applicable when root type is **Liability**)   * **Liability Type**: Current Liability/Non-Current Liability (only applicable when root type is **Liability**)
     * Current Liability: //Debts or financial obligations expected to be settled within one year (e.g., accounts payable, SST tax payable).//      * Current Liability: //Debts or financial obligations expected to be settled within one year (e.g., accounts payable, SST tax payable).// 
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   * //Cash Account Attributes//   * //Cash Account Attributes//
     * **Cash Account**: Indicates that the account can be used for receiving or making payments (e.g., bank accounts, cash in hand). Only applicable when root type is **Asset**     * **Cash Account**: Indicates that the account can be used for receiving or making payments (e.g., bank accounts, cash in hand). Only applicable when root type is **Asset**
 +    * **Credit Card Payable**: Indicates that the account can be used for making payments. Only applicable when root type is **Liability**
     * **Exclude from Statements**: Prevents payment transactions related to this account from appearing in **debtor or creditor statements**. This is useful for handling overpayments or advance payments, which can be applied to future invoices instead of being refunded. Only applicable for **Cash Account**     * **Exclude from Statements**: Prevents payment transactions related to this account from appearing in **debtor or creditor statements**. This is useful for handling overpayments or advance payments, which can be applied to future invoices instead of being refunded. Only applicable for **Cash Account**
   * //Inventory Account Attributes//   * //Inventory Account Attributes//
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     * **Cost of Good Sold Account**: The corresponding Cost of Goods Sold (COGS) account when inventory items are sold. Only applicable for **Inventory Account**     * **Cost of Good Sold Account**: The corresponding Cost of Goods Sold (COGS) account when inventory items are sold. Only applicable for **Inventory Account**
     * **Inventory Adjustment Account**: The corresponding Cost of Goods Sold (COGS) account when there are adjustments on the inventory item. Only applicable for **Inventory Account**     * **Inventory Adjustment Account**: The corresponding Cost of Goods Sold (COGS) account when there are adjustments on the inventory item. Only applicable for **Inventory Account**
 +  * //Liability Account Attributes//
 +    * **Taxes Payable/Deferred Account**: Marks the account as used for tracking tax amounts. Only Applicable when the root type is **Liability**.
   * //Expense Account Attributes//   * //Expense Account Attributes//
     * **Cost of Goods Sold**: Indicates that the account is a COGS account, covering any costs directly tied to producing products sold to customers (e.g., direct labor wages, purchase price, shipping costs). Only applicable when root type is **Expenses**.     * **Cost of Goods Sold**: Indicates that the account is a COGS account, covering any costs directly tied to producing products sold to customers (e.g., direct labor wages, purchase price, shipping costs). Only applicable when root type is **Expenses**.
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     - Specify the industry to override default settings.     - Specify the industry to override default settings.
     - Assign the default accounts to be overridden.     - Assign the default accounts to be overridden.
-  * **Default Cash Account**: Default account for payment transactions. +  * **Default Cash Account**: Default cash account for payment transactions. 
-  * **Default Inventory Account**: Default inventory account+  * **Default Cash on Hand**: The default cash account used when the payment method is **Cash**. 
 +  * **Default Bank Account**: The default cash account used when the payment method is **Bank Transfer**. 
 +  * **Default E-Wallet Account**: The default cash account used when the payment method is **E-Wallet**. 
 +  * **Default Cheques Clearing Account**: The default cash account used for customer payment when payment method is **Cheque** 
 +  * **Default Card Clearing Account**: The default cash account used for **Customer Payment** when payment method is **Credit Card** or **Debit Card** 
 +  * **Default Card Payable Account**: The default account used for **Supplier Payment** when payment method is **Credit Card** or **Debit Card** 
 +    * Must be **Liability** account with **Credit Card Payable** enabled 
 +  * **Inventory Tracking Method**: Determines whether inventory and COGS are updated in real time (Perpetual) or at period end (Periodic). 
 +    * **Perpetual**: Purchases are recorded in the Inventory Account, with inventory and COGS updated in real time with each purchase and sale transaction. 
 +    * **Periodic**: Purchases are recorded in the Purchase Account, with inventory and COGS updated manually at the end of each financial period. 
 +  * **Default Inventory Account**: Default account for recording inventory movements under the Perpetual method. 
 +  * **Default Purchase Account**: Default account for recording inventory purchases under the Periodic method.
   * **Default Sales Revenue Account**: Default account for recording sales (product) revenue.   * **Default Sales Revenue Account**: Default account for recording sales (product) revenue.
   * **Default Service Revenue Account**: Default account for recording service related revenue.   * **Default Service Revenue Account**: Default account for recording service related revenue.
   * **Default Accounts Payable Account**: Default account for supplier payables.   * **Default Accounts Payable Account**: Default account for supplier payables.
   * **Default Accounts Receivable Account**: Default account for customer receivables.   * **Default Accounts Receivable Account**: Default account for customer receivables.
 +  * **Default Foreign Exchange Gain Account**: Default account used to record gains arising from favorable exchange rate differences in foreign currency transactions.
 +  * **Default Foreign Exchange Loss Account**: Default account used to record losses arising from unfavorable exchange rate differences in foreign currency transactions.
   * **Default Unearned Revenue Account**: Default account used for recording advance payments received for sales orders.   * **Default Unearned Revenue Account**: Default account used for recording advance payments received for sales orders.
-  * **Default SST Payable Account**: Default account used for tracking SST collected from sales.+  * **Default SST Payable Account**: Default account used for tracking Service Tax or Sales Tax that is already due. 
 +  * **Default Service Tax Deferred Account**: Default account used for tracking Service Tax invoiced but not yet due until payment is received.
  
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  • accountchart.1745998911.txt.gz
  • Last modified: 2025/04/30 07:41
  • by chillhubadmin