Basically, the Chart of Accounts/Cost Center lists the names of the accounts that a company has identified and made available for recording transactions in its general ledger. They establish the level of details tracked in a record-keeping system.
Typically, the Chart of Accounts/Cost Center contains the accounts’ names and identification codes.
TABLE OF CONTENTS
- How to create Charts of Accounts/Cost Centers:
- How to set up General Ledger or Chart of Accounts codes for Items
General Ledger codes are numerals used to designate a payable or receivable by type.
In order to track all purchases through all the codes, add an appropriate type of cost tracking - Drop-down list on the Items Custom Fields page.
- Select where to use these codes (Items, Purchase Orders, etc.)
- Set up the field as required or not
- Add all values in lines or a hierarchy view. You can add options one by one using the "+Add Option button, or massively using the "Import Options" feature.
Please, check this article on how to import options to your Item Custom Field.
If you have a fixed catalog of items and services that you use, it would be beneficial to predefine the Chart of Accounts for items in the catalog. Preselected codes will be settled for items in the documents (Purchase Order, Invoice, etc.)