Chart of Accounts

A Chart of Accounts (COA) is a collection of GL accounts that are structured and categorized as part of Revenue Management. It is used to define which GL accounts can be used with an AR ledger. Parent-child relationships can be created between the GL accounts to structure them similarly to your existing COA. Optionally, GL categories can be assigned to those GL accounts to include an additional level of detail.

Initially, when a COA is created, it is added under the Chart of Accounts tab on the Setup page of the Revenue Management application where you can manage it. Once created and given an Active status, a COA can be assigned to an AR ledger and will work together with a Posting Rule Set to create journal entries (transactions).

The image below shows how a chart of accounts relates to GL accounts, GL categories, an AR ledger, and posting rules and sets.

The Revenue Management application was built to be highly flexible so you can replicate your existing COA. GTV accomplishes this by allowing user-defined GL account numbers and names and the ability to create parent-child relationships between the GL accounts.

One COA can be assigned to more than one AR ledger. This allows you to create multiple AR ledgers, and assign the same COA to each AR ledger, but assign different posting rule sets. This is useful when comparing different types of revenue recognition rules or testing new posting rules before adding them to your production AR ledger.

Multiple Charts of Accounts can be created, if desired. Each COA selects from the same list of GL accounts. The same GL account can appear on more than one COA. This means you can create similar COAs using the same GL accounts, or, be more granular with a specific revenue stream by including new GL accounts on a COA. You can have a simple, straight-forward COA with a dozen GL accounts or a complex COA with a hundred accounts that use parent-child relationships and categories to keep it organized. The ability to create multiple COAs allows you to be very specific when generating transactions later with an AR ledger.

Parent-Child Relationships in Chart of Accounts

Parent-child relationships can be created between the GL accounts once assigned to a COA. The requirements are:

  • A parent GL account must be a non-posting GL account. A non-posting GL account cannot be used in posting rules and therefore cannot have transactions posted using that GL account. All transactions are created using the child posting GL accounts.

  • A child account can be a posting or non-posting GL account. The child posting GL accounts can be used in posting rules and transactions are created using those GL accounts. A non-posting account would be assigned as a child account when it will act as a parent GL account to another group of child GL accounts, creating a grandparent-parent-child relationship.

  • Multiple levels of parent-child relationships can be created, provided the parent GL account is always a non-posting account.

In the example below, GL account 1005 – Cash is the parent GL account to the 3 other GL accounts.

Chart of Accounts and Posting Rules

A chart of accounts and a posting rule set are combined when creating an AR ledger which is where you will see transactions. It is best to know what GL accounts will be on a COA before creating posting rules and posting rule sets. Each posting rule requires at least two GL accounts. When an AR ledger is created, the same GL accounts used in the posting rule set must be present in the COA assigned to that same AR ledger.

Creating a Chart of Accounts

A Chart of Accounts is created using GL accounts and, optionally, GL categories. You will create as many accurate and Active GL accounts and GL categories as you will need before creating the COA because you will only be able to assign active accounts. However, once created, you can continue to add GL accounts and GL categories to an Active COA. For example, if you are using an Active COA with an AR ledger and find you need additional GL accounts, you can create a new GL account and assign it to the COA without restriction. You can also remove GL accounts that have not been used to create transactions with an AR ledger from a COA.

It is important to consider how the GL accounts, the COA, and the posting rules will work together to create transactions on an AR ledger. Gotransverse Support can assist you in evaluating the best method to create them. Two important functions to understand before creating a COA are Parent-Child Relationships in a Chart of Accounts and Chart of Accounts and Posting Rules as these work together in a specific way and may impact how you create GL accounts, GL categories, and posting rules.

You will complete the following steps to create an Active COA ready to be assigned to an AR ledger:

  1. Create Chart of Accounts Draft.
  2. Assign GL Accounts to the Chart of Accounts.
  3. Configure Parent-Child Relationships for GL Accounts, optionally.
  4. Assign GL Categories to Chart of Accounts, optionally.
  5. Configure Parent-Child Relationships for GL Categories, optionally.
  6. Assign GL Categories to GL Accounts, optionally.
  7. Make the status Active.

You will initially create a COA in Draft status. This will make it easier to edit and configure the GL accounts.

Creating Chart of Accounts Draft

  1. Select Revenue Management from the Gotransverse action menu
  2. Select Setup in the left pane
  3. Select the Chart of Accounts tab
  4. Select Create Chart of Accounts from the Setup action menu.

  5. Complete the relevant fields in the Create Chart of Account window:

    FieldDescription
    Chart of Account Name* Add a name for the COA. This must be a unique name.
    Status* Select one of the following statuses for your COA:
    • Draft—The COA cannot be assigned to an AR ledger. Keep in Draft status if you need to make edits to the information before assigning to an AR ledger.
    • Active—Makes the GL category immediately available to be assigned to a COA.
    Description Add any additional information you may need to know regarding this specific COA.
    (*)Indicates required field
  6. Select Create.

Assigning GL Accounts to Chart of Accounts

Add GL accounts to the COA by selecting from a list of Active GL accounts. The GL accounts selected define which GL accounts can be used with an AR ledger and the posting rule set assigned to the same AR ledger.

  1. Select Revenue Management from the Gotransverse action menu
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab
  4. Find the desired COA and do one of the following:
    • Click the ellipsis button under the Actions column, then select Assign GL Accounts.

    • Select the desired COA, then select Assign GL Accounts from the Chart of Accounts action menu.

  5. Select the check boxes for the GL accounts you want to add to the COA in the Assign GL Accounts window. You can select one or more GL accounts and only Active GL accounts are displayed in the list.

    Filters are available on the left to narrow down the list of GL accounts. You can filter by:

    • GL Account (Number)
    • GL Account Name
    • Type
    • Designation

  6. Select Assign to Chart.

Making Chart of Accounts Active

To assign a COA to an AR ledger, the COA must have a status of Active.

  1. Select Revenue Management from the Gotransverse action menu .
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Select a Draft COA from the list.
  5. Select Edit Chart of Account from the Chart of Accounts action menu.

  6. Select Active from the Status drop-down menu from the Edit Chart of Account page.

  7. Select Edit.

Editing Chart of Accounts Information

You can edit the COA name, status, and description at any time.

  1. Select Revenue Management from the Gotransverse action menu .
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Find the desired COA to edit and do one of the following:
    • Click the ellipsis button under the Actions column, then select Edit.

    • Select the desired COA, then select Edit Chart of Account from the Chart of Account action menu.

  5. Edit any fields that are not grayed out in the Edit Chart of Account page.

  6. Select Edit

Editing GL Account Assignments and Relationships

You can edit the GL category and parent GL account assigned to a GL account if no transactions have been posted in any AR ledger using those GL accounts. Only the parent GL account and GL category fields are available to edit from the COA. The rest of the GL account information displayed is based on how the GL account is set up.

Note: If you want to edit the list of GL accounts in the COA, you can Assign GL Accounts or Remove GL Accounts.

Two methods to edit GL account assignments are available:

To edit individual GL Accounts:

  1. Select Revenue Management from the Gotransverse action menu .
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Select the desired COA from the list.
  5. Select the GL Accounts detail tab.
  6. Find the GL account to edit from the list. Click the ellipsis button under the Actions column, then select Edit.

  7. Edit the Parent GL Account by either selecting another GL account from the drop-down menu or clicking the X to the right of the field selection to end the current relationship in the Configure GL Account Relationships window.
  8. Edit the GL Category by selecting another GL category from the drop-down menu or clicking the X to the right of the field selection to remove the GL category.

  9. Select Edit.

To edit multiple GL accounts:

  1. Select Revenue Management from the Gotransverse action menu .
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Select the desired COA from the list.
  5. Select Edit Chart of Account from the Chart of Accounts action menu.

  6. Click the gear icon to the right of the Parent GL Category column for the GL account in the list you want to edit, then click GL Account.

    Caution: If you click the next to the gear icon , the GL account will be removed from the COA.

  7. Edit the Parent GL Account field in the GL Account Configuration window by selecting another posting GL account from the drop-down menu or clicking the X to the right of the field selection to end the current relationship.
  8. Edit the GL Category in the GL Account Configuration window by selecting another GL category from the drop-down menu or clicking the X to the right of the field selection remove the GL category.

    Navigate between GL accounts in the COA by using the left and right arrow at the bottom of the window.

  9. Select OK.
  10. Select Edit to save the changes made to the COA in the Edit Chart of Account Page.

Editing GL Category Relationships

GL category relationships can be edited at any time. All other fields are populated from the GL category and cannot be edited from the COA.

Note: If you want to edit the list of GL accounts in the COA, you can Assign GL Accounts or Remove GL Accounts.

  1. Select Revenue Management from the Gotransverse action menu
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Select the desired COA from the list.
  5. Select the GL Categories detail tab.
  6. Locate the GL category to edit from the list. Click the ellipsis button under the Actions column, then select Edit.

  7. Edit the GL Category field in the Configure GL Category Relationships window by selecting another GL category from the drop-down menu or clicking the X to the right of the field selection to end the GL Category relationship.

  8. Select Edit.

Removing GL Account from COA

A GL account can be removed from a COA provided the GL account is not assigned as a parent GL account and the COA is not assigned to an AR ledger. A GL account cannot be removed if the COA is assigned to an AR ledger and transactions have been generated using the GL account. The status of the COA does not impact your ability to remove unused GL accounts.

There are two methods to remove GL accounts:

To remove individual GL accounts:

  1. Select Revenue Management from the Gotransverse action menu
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Select the desired COA from the list.
  5. Select the GL Accounts detail tab.
  6. Locate the GL account to remove from the list. Click the ellipsis button under the Actions column, then select Remove.

  7. Select Yes in the Confirmation window.

To remove multiple GL accounts:

  1. Select Revenue Management from the Gotransverse action menu
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Select the desired COA from the list.
  5. Select Edit Chart of Account from the Chart of Accounts action menu.

  6. Select the X to the right of the GL account you wish to remove.

  7. Select Edit in the Edit Chart of Account page to save your changes to the COA.

Removing GL Category from COA

A GL category can be removed from a COA if it is not assigned to a GL account. The status of the COA does not impact your ability to remove unused GL Categories.

  1. Select Revenue Management from the Gotransverse action menu
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Select the desired COA from the list.
  5. Select the GL Categories detail tab
  6. Locate the GL category to remove and click the ellipsis button under the Actions column, then select Remove.

  7. Select Yes in the confirmation window.

Deleting Chart of Accounts

A COA can be deleted in any status if not assigned to an AR ledger. Once deleted, that COA will be removed and cannot be recovered.

  1. Select Revenue Management from the Gotransverse action menu .
  2. Select Setup in the left pane.
  3. Select the Chart of Accounts tab.
  4. Locate the COA to delete from the list and do one of the following:
    • Click the ellipsis button under the Actions column, then select Delete.

    • Select the desired COA, then select Delete Chart of Account from the Chart of Accounts action menu.

  5. Select Yes in the confirmation window.

For information about how to use the Chart of Accounts API, refer to the Revenue Management API Guide.