Article Objective: To assist admin users in navigating the Admin Centre within Active Ledger & Reporting to manage the firms standard chart of accounts.
Context: The standard chart of accounts comes with a range of default system headers which cannot be changed. However, you can add additional layers of grouping to enhance the readability of the accounts. These layers can be edited at both the firm and the client level.
For more information on managing the chart at a client level, see the knowledge article: Accounts - overview.
Please refer to the Glossary for definitions of key terms used in this article.
TABLE OF CONTENTS
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Accessing the Admin Centre
Navigate to the Active Platform home page.
Click on your name icon and press Admin Centre.
Click on Ledger & Reporting Admin.
Click on Standard Chart of Accounts.
From here, the below screen will appear.
Understanding the standard chart
Accounts
Active Ledger works with a number of different account types. It is important to familiarise yourself with the following terms:
Terminology
The standard chart can accommodate different entity types for efficiency and ease of use. Changing the 'Terminology' to the right of the search bar will change relevant account names to match the entity type chosen.
For example, if 'Company' was chosen as the entity, the below accounts would appear for the equity portion of the accounts.
If a 'Unit Trust' was selected however, this would vary.
Note: If a header/account is created without selecting an entity type, it will appear in the standard chart regardless of the 'Terminology' chosen when creating or viewing it. Refer to the below section of the article, 'Creating standard headers' for more information.
Creating standard headers
A standard header is distinguished from a system header (one of the default headers provided by Active Ledger) by the fact that it can be relocated to another header account and can also be renamed and deleted. To add a standard header, click on the ellipsis to the right of an existing account header. This will bring up a menu allowing you to choose Add Standard Header.
This will take you to a dialogue screen to enter the details of the header:
Field | Description | Validation |
Account No | This is the number of the header that will appear in the standard chart. | Optional |
Account Name | This is the name of the header that will appear in the standard chart. | Required |
Account Type (dropdown menu) | Represents the system header from the standard chart which the account is allocated to. If left blank, the header will be created with the account type of the parent header. | Required |
Description | Details of the header if required. | Optional |
Swing to (dropdown menu) | This determines where the account will be displayed if it has a negative balance. If you wish for it to remain the same, whether the balance is positive or negative, leave this section blank. | Optional |
Report Labels | This is the label that the header will be allocated to for alternative reporting purposes. | Optional |
Entity Types (dropdown menu) | If provided, the header will only be available for the selected entity type. More than one type can be selected. This defaults to 'Applies to all entity types'. | Required |
Recommend Only (checkbox) | If checked, the header will not be automatically added to the standard chart and can be added on a client-by-client basis as required. | Optional |
Expect Multiple (checkbox) | If checked, the standard chart will expect this header to repeat itself more than once. | Optional |
An example of a standard header is shown below. Once complete, click Save Standard Header.
Creating standard child account
The ability to add accounts to the standard chart means that a standardised naming system can be used for the entire firm. To create a standard child account, click on the ellipsis to the right of the account header you want the account to sit under. This will bring up a menu allowing you to choose Add Standard Child.
This will take you to a dialogue screen to enter the details of the header:
Field | Description | Validation |
Account No | This is the number of the account that will appear in the standard chart. | Optional |
Account Name | This is the name of the account that will appear in the standard chart. | Required |
Account Type (dropdown menu) | Represents the system header from the standard chart which the account is allocated to. If left blank the account will be created with the account type of the header. | Required |
Description | Details of the account if required. | Optional |
Opening Balance Account (checkbox) | If selected, this account will be classed as the opening balance account for all accounts under the same header. | Optional |
Report Labels (dropdown menu) | This is the label that the account will be allocated to for alternative reporting purposes. | Optional |
Entity Types (dropdown menu) | If provided, the account will only be available for the selected entity type. More than one type can be selected. This defaults to 'Applies to all entity types'. | Required |
Prefer Group (checkbox) | If checked, a custom header will be created to group multiple accounts linked to this account. | Optional |
Recommend Only (checkbox) | If checked, the account will not be automatically added to the standard chart and can be added on a client by client basis as required. | Optional |
Recommendation Rules | Active Ledger & Reporting will recommend linking accounts to this account if it finds the added text string anywhere in the account name. Multiple text strings can be added. | Optional |
An example of a standard child account is shown below. Once complete, click Save Standard Account.
Editing system headers
To edit one of the default headers that comes with Active Ledger, click on the ellipsis to the right of the header and select Edit from the menu.
From here you have the option to change the account name by clicking on the Customise button. The original name will still be shown in the edit window and can be reverted back to at any point. It is also possible to add name variants for different entity types, as shown below.
Finalising the chart
Below is a small example of how a standard chart can be customised to enable a firm-wide standard:
Note: Selecting the correct account type is important for tax report purposes. In the example above, 'Rent' has the 'Rent Expense' account type manually selected rather than inheriting the parent header account type, 'All Other Expenses'. This will ensure that the Tax Report has balances allocated to the correct taxonomy.
For more information, see knowledge article: Datasets - reports - tax report.
