A well-organized chart of accounts supports robust responsibility reporting, makes it easy to answer "what if?" questions and helps eliminate data entry errors. However, many organizations cling to the primitive practices of a half-century ago that impose barriers to developing budgets, holding people accountable, gathering useful data and keeping errors from creeping into their financial statements.
Anyone with responsibility for a General Ledger System
Understand current chart of accounts best practices and how to fix the current mess that you may have.
Current Chart of Accounts Best Practices
- Why developing a chart of accounts begins with studying your organizational chart
- How to identify your account segments
- Determining the order of your account segments
- Best practices for numbering account bases
- How to avoid memorization
Fixing Your Current Chart of Accounts
- How big company and small company software differs
- Two key approaches for preserving your historical data
- What to know when making major chart of accounts changes
Some real work experience working with General Ledger Systems