Determine the Chart of Accounts

Creating the Chart of Accounts requires understanding how the General Ledger will be used to generate information. For more information, refer to the sample Chart of Accounts by clicking here.

Minimum General Ledger Accounts

The suggested minimum number of General Ledger Account numbers are outlined in this table. The organization may choose to operate with fewer or more accounts.

Minimum General Ledger Accounts

Type of Account

Cash

Asset

Check

Asset

Accepted Credit Cards

Asset

Vouchers Received

Asset

Other Payments

Asset

Accounts Receivable

Asset

Accounts Receivable - Future Payment

Asset

Accounts Receivable - Outlet

Asset

Accounts Payable

Liability

City/Municipal Tax Payable - If this tax is collected

Liability

Provincial/State Tax Payable - If this tax is collected

Liability

Federal Tax Payable - If this tax is collected

Liability

Prepaid Gift Certificates

Liability

Deferred Donation

Liability

Commissions Payable

Liability

Order Fees

Revenue

Exchange Fees

Revenue

Reprint Fees

Revenue

Mail Fees

Revenue

Sales Account for Each Event

Revenue

Cash Over/Under

Expense

Donation Bank Transfer

Expense

Bank Service Charges

Expense

Donations

Other Income

Required General Ledger Accounts

  1. Open the Code Table Window via the Setup >> System Tables >> Code Tables menu.

  2. Select Payments.

    A list of required general ledger accounts is displayed.

  3. Select Default Posting Accounts.

The account names that appear in the list are the minimum number of accounts required for the General Ledger to operate and, except the credit card types, are determined by Theatre Manager. The credit card types that appear are determined by the credit card types entered in the Credit Card Category of the Code Table. All additional credit card types to the Code Table requires that Accounting Default Data be updated with a corresponding account number.

The actual general ledger account numbers used depends on the accounts set up in the General Ledger.

All required accounts must have a corresponding account number otherwise Theatre Manager we be unable to create deposits and revenue allocations.