AugTool Documentation
Chart of Accounts
The Chart of Accounts is the heart of the system. Without a Chart of Accounts setup, the system will not be able to run due to the integrated nature of the features and functions of the system.
An Account within Augtool’s Chart of Accounts needs a code and a name. These codes do not need to be numeric and can be thought of as abbreviations of the name. You can use a numeric codes if you like, should that meet your needs more specifically due to reporting and exports into excel that you are used to.
The Chart of Accounts are grouped into folders that allow you to navigate your Chart of Accounts easily. Any final node within the tree structure is the actual account that can and will be posted to from transactions that should affect the Chart of Accounts. You can expand and collaps the entire tree structure of your chart of account by using the expand all and collapse all buttons. Please note, you can use multiple sub folders to manage multiple categories of accounts.
Each folder within the Chart of Accounts is essentially a grouping of similar Accounts. When you run your Ledger Report, you can run it per folder you have setup on your Chart of Accounts. Spend some time grouping your Chart of Accounts properly for easy navigation and more powerful reports.
Should you have put an Account into the wrong folder, you can move the Account at a later stage to another folder by editing the account and assigning it to another parent.
Classifications
An Account can be classified when you set it up or at a later stage by editing it. Classifications are used to create display, group and order reports in the correct way. Currently these classifications are only used in a few reports including Net Position, Income Statement and Balance Sheet. If the account is a balance sheet account it will have a different classifications to those that are income statement accounts.
These classifications include:
Income Classifications
Income
Other Income
Cost of sales
Cost Classifications
Other Expenses
Cost of sales
Operating Expenses
Interest
Depreciation
Amortisation
Tax
Balance sheet Classifications
Cost of sales
Bank
Cash
Depreciation
Payables
Receivables
Stock
Tax
Loan
Income Statement - Uses Income and Sales classifications
Net position report - Uses Loan, Accounts Receivable, Accounts Payable, Bank, Loan.
The Tax report uses the Tax classification
On account lookups, depending on where you are looking up an account it orders the accounts by the classification. This depends on where in the system but for example on a Sales Invoice if you type in account it will show Sales classification accounts that match the string at the top.
You also need to ensure you setup your chart of accounts correctly with respect to:
Reportable: Yes No - Does the chart of account appear on the financial reports
Budgetable: Yes No - Will you set budgets on this account or not
Control: Yes No - Is this a control account or not. Control accounts have special rights. No person without special rights can journal directly to control accounts
Balance sheet Classifications
Income Classifications
Expense Classifications
It is important to classify your accounts appropriately. The classifications do not impact the use of your system but rather the financial reporting.
It is also very important to flag control accounts in your system to ensure that only certain super users can journal directly to control accounts and that the system can warn you if you are not using a control account in the correct setup.
Control and FX Eval
Control: Mark any chart of account that you do not want normal users to be able to journal to unless they have the right to journal to control accounts. These accounts are normally accounts that the system will use automatically like, Sales, Vat, Accounts Receivable and Payable for example.
FS Evaluation: Mark any chart of account that you want to evaluate FX exposure, besides the Accounts Receivable and Payable and Bank chart of accounts because they have their own section under FX Evaluations.