Can you please provide a Chart of Accounts which suits Australian accounting with Assets, Liabilities, Equity,COGS, Income, Expenses

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Make the Chart of Accounts suitable for Australian accounting with an Asset header account, a Liability Header Account, and have the items sorted into the Australian version rather than the US version
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Robert Smeallie

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Posted 6 months ago

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Linda Benfield, Accredited Partner

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Hi Robert,

As a regular Reckon Accounts User, I have designed a Chart of Accounts in what I call my "Blank Reckon File". I have set up and linked the payroll items to the Liability Accounts that I prefer and Asset Accounts the way that I like them. Additionally I have linked the GST codes to GST Collected & GST Payable so I can see each separated in the Balance Sheet. My Income and Expenses are all pre-linked to the correct codes as well.

Each time I need to create a new file I copy and paste my "Blank Reckon File" and rename to new Company Name.

I have been doing this for over 8 years and just upgrade it each year. I can even upload to Hosted for new Hosted Clients.

I save hours each time I start a new file. Just do it once and you will never have to do it again!

Hope that helps...

Linda



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Robert Smeallie

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Hi Linda,
I took your advice and created a generic Australian Chart of Accounts with numbered Accounts all set up to suit Australian accounting systems. I only needed to go to Edit -> Preferences -> Accounting -> Company Preferences -> Select Use Account Numbers checkbox rather than trying to insert numbers onto the Account Name. Also tick the checkbox below it to only show the Detail Account Number, not the Header number as well. As I built up the Chart of Accounts they all lined up in the correct order. Oh, and by the way, don't try to add Tax Codes on Asset and Liability Accounts as they are all N-T. Only Equity onwards can have a Tax Code to add the Tax Number for the BAS/GST fields. I got very frustrated with that till I looked at a Chart of Accounts used previously where Assets and Liabilities were all N-T and that cleared it up.
Regards
Robert Smeallie