Modify Chart of Accounts

Explanation

Use this activity to enter, change, and view detailed information about the accounts in the chart of accounts. A default chart of accounts is created when a company is created. This mandatory task is to be performed by a system administrator or equivalent person.

A specific account can be modified in the Account window. Several accounts can be modified in the Accounts window.

The Account window contains the following tabs:

Basic Data: Enter basic information about an account.
Code Part Demands: Enter code part requirements for an account.
Budget Code Part Demand: Enter code part requirements for an account that is used for budget values.
Consolidation: Enter information for consolidating an account.

You cannot delete an account with postings. There are other checks to determine the changes allowed on an account in use, e.g., you cannot change the account type.

Prerequisites

This activity has the following prerequisites:

The company must exist in IFS Financials.
Before starting up the system and entering transactions, ensure that the company’s accounts are correctly set up.

System Effects

As a result of this activity:

The account information is used when financial transactions are created in the various components in IFS Applications.
The account information is also used when budget values are entered in the Budget folder in IFS/General Ledger.
If IFS/Consolidated Accounts or IFS/Group Consolidation is installed, the information in the Consolidation tab is used when consolidation information is created.

Window

Account
Accounts

Related Window Descriptions

Account, Account/Basic Data, Account/Code Part Demands, Account/Budget Code Part Demands, Account/Consolidation, Overview Accounts

Procedure

Open the Account window.
On the Basic Data tab, query for the account whose account information you want to modify.
Select the account type and account group from the List of Values. Defaults are retrieved from the Account Types window and displayed in the Code Part Demands and Budget Code Part Demands tabs.
To create a new account, create a new record, and then select the account type and account group from the List of Values.
Click the Code Part Demands tab to change or view code part demand values.
Click the Budget Code Part Demands tab to change or view budget code part demand values.
If IFS/Consolidated Accounts or IFS/Group Consolidation is installed, enter information in the Consolidation tab. (Note: Select a master company account using the List of Values or manually to the Parent Company Account field.)
Save the changes.
To enter basic account information, open the Accounts wiindow.
Select the account to view or modify, and right-click and then click Account to enter account information.
Save the changes.