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Accounts

Add An Account

The steps below detail how to add a new account to your budget.

Be sure to create contra-accounts (Cash, Accounts Payable, and Accounts Receivable accounts) before you create revenue and expense accounts.

  1. In Budget, go to Accounts.
  2. Press Add to create a new account.
  3. Enter the account number in the Acct Number field.
  4. Enter the account description in the Acct Description field.
  5. Choose an account type from the dropdown.
  6. If this is a cash account, check the Cash Acct checkbox.
  7. If using multiple bank accounts, enter the Bank Code or leave blank to default to Bank Code 1.
  8. If this is a Heading or Total account for your report format, check the Hdng/Total checkbox.
  9. Enter the Accrual Contra Account and Cash Contra Account.
  10. Press Save.

After creating a new account, you must update your report format. New accounts are not automatically added to your reports.

Field Definitions

Field Definition
Acct No. The budget account number. It's best practice to make sure your account number align to the IFARMS standards.
Acct Desc The name or description of the account.
Beg Bal The beginning balance for the account. This is only used with balance sheet type accounts whose ending balance becomes the beginning balance for the next fiscal year. Expense and revenue accounts should always have a zero beginning balance.
Budget Amt The amount budgeted for this particular account.
Budget Adjust The budget adjustment amount. If the budget amount above is adjusted then the adjustment amount can be entered here so the original budget amount can always be seen.
Acct Type Expense, Balance Sheet (asset/liability), Revenue, Tenant, or Special. (Special balance sheet accounts are not included on the Trial
Balance.)
Bank Code A code to identify the bank account that checks will be printed on for this account. The purpose of this field is to place checks in the correct bank number for check reconciliation and check writing purposes. If the account being set up will impact bank #1 then enter "1". If it will impact bank #2 then enter "2". If only one bank acct exists then leave the value blank and "1" will be assumed.
Hdng/Totl (Heading/Total) Change to “Y” if this account is being set up to only serve as a heading or total on a budget report. If “Y”, posting to this account will not be allowed.
Cash Acct This is a special flag to identify cash (in bank) accts. Check this box if the account being set up is a cash in bank account. When the program knows which accounts are “cash” accounts a check register verification can be made to make sure all checks are actually being deducted from an actual cash in bank account.
Accrual Contra The accrual contra-account. This will generally be an accounts payable account, if this an expense account. If this is a revenue account, this will generally be an accounts receivable account. If this is a balance sheet account, this will generally be the same account number.
Cash Contra  The “cash-in-bank” (or cash) contra-account. If using the single-entry method then nothing will be entered here. This account will generally be a “cash in bank” account.

 

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