Chart of Accounts

The Chart of Accounts section consists of the following subsections:

• What is Chart of Accounts
• Opening Chart of Accounts
• Chart of Accounts Form
• General Rules
• Example of Account Numbering

What is Chart of Accounts

The chart of accounts is the backbone of any accounting system. That's why it's so important to understand how it works.

Think of a chart of accounts as a file cabinet, with a file for each bit of accounting information that you wish to track. For example, if you need to know how much money you spend on postage, you'll set up a file (an account in the chart of accounts) for Postage Expenses.

The chart of accounts contains a complete list of your business's accounts and their balances. You use it to track how much money your company has, how much money it owes, how much money is coming in, and how much money is going out.

Opening Chart of Accounts

You can open the chart of accounts in the following ways:

• Go to Transactions > Account Register, and then click the Chart of Accounts tab.

  

• Go to Settings > Company > Chart of Accounts.

  

Chart of Accounts Form

The chart of accounts contains a complete list of your business's accounts and their balances. You use it to track how much money your company has, how much money it owes, how much money is coming in, and how much money is going out.

The chart of accounts form includes the following elements and functions:

• Chart Functions
• Chart Columns
• Chart Buttons

Chart Functions

At the top of the chart of accounts form, you can access a menu to work with the following functions

• Lists – user may access the lists of Classed, Account Series, Vendors, Employees, and Customers to add, delete, edit and work with their records.
• Settings – Additional settings for company accounting. Recommended for use only by advanced users.
• Reports – Accounting reports
• Tools – Access to Tools – special forms for accounting maintenance like Find and Replace

  

Chart Columns

Each column header can be expanded for the following actions:

• Sort Ascending. Select this option to sort the content of the whole table according to the column content in the ascending order.
• Sort Descending. Select this option to sort the content of the whole table according to the column content in the ascending order.
• Columns. Select this option to customize the view of the chart accounts by selecting and clearing the checkboxes for the columns you want to be displayed or hidden.
• Show Inactive. The inactive accounts are not displayed by default. Select this option to have the inactive accounts displayed.
• Intercompany Transfer Accounts. Select this option to have the intercompany transfer accounts displayed.
• Filters. Select this option to filter the column content by the custom search criteria entered in the corresponding field.

Chart Buttons

At the bottom of the chart of accounts, you can find the following buttons for controlling account functions:

• New – click to create a new account. See Account Setup  for details.
• Edit – allows you to edit the highlighted account. See Account Setup for details.
• Delete – deletes highlighted account.C-Store Office will NOT allow to user to delete accounts with transactions, or accounts used in

• It is possible to delete an account until it is used it the account series and transaction assignment.

• Changes History – opens the Chart of Accounts Changes History report.
• Register – allows you to access the Account Register of highlighted account. To open the register of any balance sheet account (except Retained Earnings), click the account name and click Register button. To open a Quick Report of transactions for any income or expense account, click on a balance amount.
• Print – prints the Chart of Accounts
• Convert to Excel – converts the Chart of Accounts to an excel spreadsheet
• Remove Accounting Settings – deletes all accounting settings and data from the account. You will need to confirm this operation by password.
• Remove All Transactions – deletes all transactions from this account. You will need to confirm this operation by password.

  

General Rules

The user may setup a chart of accounts manually or let the system setup the accounts automatically. In the latter case, the system will set chart of accounts based on following rules:

• Income, Cost of Goods Sold and Expense accounts will be set up for the entire company. To build Profit and Loss statements by station and/or departments, the system will use classes with each transaction related to these accounts.
• All other types of accounts such as Assets, Liabilities etc. will be set for each station separately. Recommended setup for these types of accounts for multi store companies is account series. Please see account series setup guide in this manual.
• Sub-accounts must be assigned to same company as parent accounts.
• Using account numbers is strongly recommended.

The accounts that C-Store Office creates are to help you get started. After a C-Store Office Technician sets up your company, you can add additional accounts, delete accounts you don't need, and modify your company lists.

If the user chooses to setup accounts manually then transaction assignments must be setup manually as well. For more information, see Transaction Assignments.

Example of Account Numbering

All accounts in the Chart of accounts are numbered based on the rules described in this section. After the initial setup is done, and before the first synchronization with QuickBooks, the user can change account numbers based on his or her own preferences. Account names may also be changed; however, the type of account and it purpose cannot be changed. For example:

0110.01 Cash on Hand – can be changed to > 11 Petty Cash but it cannot be changed to > 11 CBB Bank account.

The System assigns numbers to the accounts automatically based on the following rules.

An Account number consists of four digits.  Sub-accounts are described by a decimal and two digits after the four digit account number. 

XXXX.XX

1234.56

• The first two numbers from the left describe the type of account:

01-09	Cash accounts: Cash, Bank.
10-19	A/R
20-29	Current Assets	20xx	Inventory
		25xx	Intercompany money transfers
		26xx	Intercompany money transfers - reserve
		29xx	Due to/from Stockholders
30-39	Fixed Assets	30xx	Land
		31xx	Building
		32xx	Equipment
		33xx	Leasehold improvements
		34xx	Furniture and fixtures
		38xx	Accumulated depreciation
40-49	Other Assets	40xx	Franchise fee
		41xx	Accumulated amort. – Franchise fee
		42xx	Goodwill
		43xx	Accumulated amort. - Goodwill
		44xx	Loan fees
		45xx	Accumulated amort. – Loan fee
		46xx	Settlement fees
		47xx	Accumulated amort. – Settlement fees
		48xx	Security deposits
60-69	A/P
70-79	Current liabilities	70xx	Accrued payroll and taxes
		75xx	Credit line
80-85	Long term liabilities	80xx	Note payable
86-89	Equity	86xx	Partner 1
		87xx	Partner 2
		88xx	Partner 3
9100-9199	Income. Since the system is using classes to show Profit and Loss by station/department, we do not need to setup duplicate income accounts for different locations. We can use the same 4 digits for each type of account. For example: 9100 – Gasoline sales 9101 – Kerosene sales 9102 – Diesel sales
9200-9299	Cost of sales. Since the system is using classes to show Profit and Loss by station/department we do not need to setup duplicate COG accounts for different locations.
9300-9499	Operating Expenses. Since the system is using classes to show Profit and Loss by station/department, we do not need to setup duplicate expenses accounts for different locations.
9500-9999	Open

• Third and fourth numbers from the left – Company ID, station ID:

1	XYZ, Inc.	0	Consolidated corporate accounts
		1	Downtown Citgo
		2	Broad BP
		3	Carson Citgo
		4	Walnut Exxon
		5	Penn Mobil
		6	Liberty BP
		7	Braddock Shell
2	ABC, LLC	0	Consolidated corporate accounts
		1	Reading Exxon
		2	Lancaster BP
		3	Coatesville Sunoco
		4	Rt30 Sunoco
		5	Mount Washington Sunoco

Up to 9 companies with up to 9 stations in each can be set up this way.  If more companies or station set-ups are required, the system will use the three-digit company/station designation (total 5 digits).
For accounts at the company level (for example, a consolidated bank account) the system will use zeros for station IDs.

• Numbers after decimal – Sub-accounts Ex:

1	Cash on hand
2	Undeposited funds
3	Store bank
4	Gasoline bank

Last updated: Tuesday, November 6, 2018 Copyright © Petrosoft, LLC
Confidentiality level – Public use	Petrosoft, LLC
	290 Bilmar Drive, Pittsburgh, PA 15205
	Phone: 412-306-0640
	Fax: 412-202-5487
Feedback