ConnectNow Accounting utilizes a multi-level account code structure that supports multiple entities, levels (such as, categories or cost centers), and accounts. These relationships are easy to define and flexible enough to allow the organization to modify or expand the account structure as needed. With the multilevel account code structure, the organization can report on any level of the organization as desired.
Figure 14. ConnectNow Accounting Provides a Multi-level Account Code Structure
Defining Account Code Levels (for standalone organizations only)
The Account Code Levels setup lets you define up to five levels within your Chart of Accounts. This option is available only if a higher-level organization is not managing your Chart of Accounts.
- Click .
- Click Define Account Code Levels to display the Define Account Code Levels setup (see screen print above).
Defining Levels for Income, Expense, and Dedicated Accounts
Within your chart of accounts, you need to define the levels of your Income, Expense and Dedicated Account types. The levels that you assign will be what determines the sort and sub-total on your Statement of Activities (Income Statement or Profit & Loss Statement) report.
1. Under the Income, Expense, and Dedicated section, type a Description and choose the desired number of Digits for each Level for your Asset, Liability, and s.
Most organizations find that they would like two or more levels of sorting capabilities for the Income and Expense Accounts. The most common terms are:
- Level 1 = Category or Title Account (two digits).
- Level 2 = Cost Center or Department (two digits).
- Level 3 = Account (four digits).
- Select the desired number from the Sub-Accounts Digits field. Two digits are recommended.
- Click to save.
- Click for Level 1 in the Income, Expense and Dedicated section. The Level Information setup is displayed.
- Type the description and code for the level. For example:
- Click to save.
Click on to the right of your Sub Program level.
For more information on this please refer to the User Guide starting on page 23 or you can view our chart of accounts videos here: Selecting Accounts & Creating Sub-Accounts