The Chart of Accounts is configured in the Accounts screen.
On the left hand-side of the screen is the 'Master Chart' for the Reportance .rep file, called Allocated Accounts, while on the right-hand side is a list of accounts as yet unallocated into the Master Chart, called Unallocated Accounts. To use Reportance successfully, users are required to allocate all accounts to the left-hand side list.
Where do Unallocated Accounts Come From?
When you perform an import of a trial balance from any source, Reportance automatically reviews all Client Accounting System Accounts and creates a new account if an appropriate one doesn't exist already. Reportance is smart enough to remember all previous accounts that have been imported into the current Reportance .rep file, and thus will only add new accounts that have not previously been imported into the Unallocated Accounts area.
Unallocated accounts are sorted by their Classification. The Classifications are:
Cost of Sales
Classification's serve only TWO functions in Reportance:
1) To make it easier to review Unallocated Accounts by grouping them together into similar categories in the Accounts screen.
2) To help Matching Rules determine the best Account Header to allocate an Account to by default. Matching Rules are described in more detail below.
Classification's DO NOT impact upon reporting, workpaper preparation, or any other aspect of Reportance.
To allocate accounts into the Master Chart, you can use a combination of two methods, Auto Allocation or Drag and Drop.
The Auto Allocate Accounts feature uses a series of 'rules', called matching rules, which will allocate accounts to a default location. These rules operate very similarly to bank feed matching principles.
Reportance ships with a large set of standard rules that should automate most of your allocation work, however you can edit these for a given Reportance .rep file.
To edit the Matching Rules, you can either go to the Accounts Screen and select Edit Rules or go to the Data menu and select Matching Rules.
The edit rules screen looks as follows:
You can select Add Rule to add a new rule or edit an existing rule simply by typing in the relevant field. You can delete an existing rule by clicking on the trash can icon.
The rules work as follows:
This rule will only apply to Accounts which are of the selected classification, for example to Assets only.
Find the Word
This is the keyword that the rule will look for in the Account Name.
This rule will apply as follows:
Anywhere: If it finds the Find the Word anywhere in the Account Name
Begins With: If the Account Name starts with Find the Word
Ends With: If the Account Name ends with Find the Word.
Link to Account
If the rule applies, this is the Account Header to which the account will be allocated.
Rules are not case sensitive.
If more than one rule applies to an Account, the bottommost rule will take precedence. For this reason, you can drag and drop to reorder the rules to change the order of priority in which they work.
Accounts can have an Allocation Mode of Auto or Manual.
When managing an auto allocation, Reportance will only apply the Matching Rules to accounts which have an Allocation Mode of Auto. This enables you to run the rules multiple times and update accounts accordingly, even ones which were allocated to the wrong default account previously.
By default, when Reportance creates an Account, it sets the Allocation Mode to Auto.
The allocation mode is displayed on all Accounts in light gray after the account, for example, this account is set to Auto:
The allocation mode can be changed in one of two ways:
1) If you manually allocate the account using Drag and Drop, Reportance will change the Allocation Mode of the account to Manual.
2) You can select an account, and go to Options, Edit Account where you can change the allocation mode manually by selecting something from the dropbox:
Note that this screen also shows you details about the Matching Rule that applied to this account when it was last auto allocated.
Running the Auto Allocation
To run an Auto Allocation, from the Accounts screen click on Auto Allocate Accounts. The Matching Rules will then run on both allocated and unallocated accounts where the Allocation Mode is set to Auto.
If you make changes to the rules, you can run Auto Allocate Accounts again and it will update all accounts with Allocation Mode set to Auto again to reflect the newly changed rules.
Drag and Drop
You can manually allocate an account, by clicking and dragging on the account. You can do this to relocate both an Unallocated Account as well as one that has already been Allocated.
One of the following will occur when dragging an account over the Allocated Accounts area:
1) An Insert Line Appears
When this occurs, the account will be inserted at the point where the insert line appears, and be grouped under the same header. In the above example, the account we are dragging will be grouped under the Cash and Cash Equivalents Header and inserted between the "ING Savings Account" and the "Cheque Account".
2) An Outline Box Appears
If the outline box appears over a Header Account (Header accounts are bold and have no account number), the account will be allocated to the Header Account and become the first account in the list.
In this example, the account would be inserted into the Cash and Cash Equivalents header, and be the first account that appears under it.
Alternatively, if the outline box appears over another Account, Reportance will link the dragged account into this Account. When this happens, all the Client Accounting System Accounts in both Accounts will be combined into the one Account. Review the Account Hierarchy section in the Sourcing Data training module for more details on why this is significant.
In this example, the dragged account would be combined with the 'Kitchen Fund' Account.
The Master 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. Importantly, in the reporting section, you will also have options to hide group details or include them in the Notes, making them a powerful way of managing the amount of detail displayed and giving you the ability to customise a given report.
To add a Custom Header, select an existing Account Header under which you wish to create the new Custom Header, and go to Options, Add Header.
A Custom Header is distinguished from a System Header (one of the default Headers provided by Reportance) by the fact that it has the drag and drop symbol and contains the tag | user created after the account name. A Custom Header can be relocated to another Header account by dragging and dropping (as per for accounts above). You can also rename the Custom Header at any point by clicking on the header and going to Options, Edit Header.
In the image below, the Cash and Cash Equivalents account is a System Header, while the Cash at Bank account is a Custom Header
Reportance offers two bulk reordering options to help speed up the time it takes to configure the Chart of Accounts.
On any given header, if you go to Options, there will be options to either Sort by Account Number or Sort By Account Name. This will reorder all Account Headers and Accounts immediately under the header.