Hi there, Is there a way to start a new account type in the chart of accounts?

Pia SmithPia Smith Member Posts: 3
edited July 15 in Accounts Business Range
Is there a way to start a new account type in the chart of accounts? 

Comments

  • ZappyZappy Accredited Partner Posts: 4,428 ✭✭✭
    edited August 2019
    Its accounting. You cant just make up account types. Theres assets liabilities and equity and minor variants of these. Theres expenses and income. No other account type makes sense.
  • Pia SmithPia Smith Member Posts: 3
    edited May 2017
    Thank you for your lesson in accounting.  We are a firm of chartered accountants who specialise in providing CFO services to ASX listed companies so we do have some understanding of accounting!!

    Our question was specifically intended to address the need for both mineral and petroleum clients to have additional asset classes of (1) Exploration Assets (2) Development Assets and (3) Mining Assets!

    Does anyone know if it is possible to add 3 additional "Account Types" please?
    Kind regards
    Leni Stanley
  • ZappyZappy Accredited Partner Posts: 4,428 ✭✭✭
    edited August 2019
    Why didnt you say so? No you cannot
  • David RobertsonDavid Robertson Member Posts: 20
    edited May 2017
    Hi Pia

    As mentioned you cannot change the account type but I understand how this categorisation of account types cannot produce reports that mix both balance sheet account types as well as expense account types - for example exploration reporting where P&L expenses are mixed with capitalised costs, or where maintenance costs can be for both capital assets as well as revenue earning assets and still have to be reported on for say total maintenance costs purposes.

    My solution is to create a separate chart of accounts by using the descriptions field in the account master table. By exporting your data to excel and using a report writer you can create any report you like. This is ideal for clients who have the need for specialised reporting . As a Reckon Consulting Partner I have provided outsouced reporting services for resource companies on this basis for many years.

    Contact me for more details at [email protected]

  • John GraetzJohn Graetz Member Posts: 1,653 ✭✭✭
    edited July 15
    Hi Pia.  One option that could be suitable, in order to segregate  these assets, would be to create these accounts as sub accounts under "Other Assets".  Otherwise, as Kevin points out, there is no other capacity currently available to do this.
    John L G
  • Pia SmithPia Smith Member Posts: 3
    edited May 2017
    That is extremely helpful, thank you so much.
  • Lynda GriffithsLynda Griffiths Member Posts: 1
    edited August 2019
    I feel for Pia Smith, having a so called accounting package Reckon, and not able to set up specific categories in the balance sheet is annoying.  I'd like Intangible Assets as a "type" this is certainly not out of the ordinary scope of balance sheet heading.

  • ZappyZappy Accredited Partner Posts: 4,428 ✭✭✭
    edited September 2017
    Lynda Reckon hosted costs five hundred dollars a year. You can have exactly what you want if you are prepared to spend the money. Reckon is built to suit the VAST majority of the sme market. And it does it quite well
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