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Accounting service
Use the Chart of Accounts screen to add, modify, or delete accounts in the client's Chart of Accounts. (If you are licensed only for Accounting CS Payroll, use the live payroll-only version of the Chart of Accounts screen.)
Choose Setup > Chart of Accounts.
Note: You can add accounts on the fly by entering a unique account number in any account field and then pressing TAB to move to the next field. When you enter an account that does not yet exist, the application prompts you to add the account; choose Yes at the prompt to open the Chart of Accounts screen.
Video: Setting up a Chart of Accounts using segments and account groupings (approx. 7 minutes)
Fields & buttons
In the Identification section, enter basic information about the account.
- Tax Code. Select the applicable tax code. If you assigned a tax code to this account classification code > subcode combination in the Setup > Firm Information > Standard Account Mappings screen, the application automatically enters the tax code in this field.
- Unit. For multiple-unit entities, select the unit to designate the input screen location when transferring data to your tax application. For example, if you are transferring utilities expenses for a farm to the UltraTax CS Farm input screen and the tax code for the first unit's utilities is 632 and the unit is 1, you would transfer the second unit's utilities with a tax code of 632 and unit of 2.
- M-3 Code. This field is available for only 1120, 1120S, and 1065 entities for revenue or expense account classifications (Income, Cost of Sales, Operating Expenses, Other Income, Other Expenses, Interest Expense, and Provision for Income Taxes). Select the applicable M-3 tax code. If you assigned an M-3 tax code to this account classification code > subcode combination in the Setup > Firm Information > Standard Account Mappings screen, the application automatically enters the tax code in this field.
- Add button. Click this button to add a new account to the client's Chart of Accounts.
- Edit button. Click this button to edit information for the currently selected account.
Note: If you change the account number for an account that is used for this client in other areas of the application, the application will update the account number for all existing instances of this account number.
- Delete button. Click this button to delete the currently selected account.
Note: You can delete only those accounts that are not used for this client in any other areas of the application. The application filters inactive accounts from all account drop-down lists throughout the application, so they are not available for selection. However, you can include inactive accounts in reports, and you can reactivate the account at any time by clearing the Inactive checkbox in the Chart of Accounts screen.
Note: Click the Edit Multiple Accounts link at the bottom of the screen to edit general information, assign codes, renumber accounts, segmentize accounts, and merge accounts. For details, see Edit multiple accounts.