How to Create and Set Up Items Custom Fields (Chart of Accounts/Cost Centers)

This article explains how to set up Items Custom Fields. 

Items Custom Fields are assigned to items and can be used in documents and budgets. Usually, this is the list of Charts of Accounts/Cost Centers or other custom fields. 

Generally, the Chart of Accounts/Cost Center lists the names of 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.


How to Create Charts of Accounts/Cost Centers

  1. Navigate to the left side of the menu and choose ConfigurationItems Custom Fields
  2. Press the Add button to create a new Items Custom Field. Its Type should be a Drop-down list (you can use Text and Date Type, too).

  3. Configure Basic Settings and select in which Precoro documents/modules the particular Custom Field will be available by making the necessary tick-boxes active. 
  4. Add names for Chart of Accounts/Cost Centers to name fields based on your needs. You can add up to 5 sub-levels to every option.
  5. You can also add codes to options, but the code field is not mandatory.

You can make your list of options hierarchical: If you have any sub-levels of your Chart of Accounts/Cost Centers, use a hierarchy with up to 5 sub-levels.

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.

  1. Select where to use these codes (Items, Purchase Orders, etc.).

  2. Set up the field as required or not.

  3. Add all values in lines or a hierarchy view. You can add options one by one using the +Add Option button, or using the bulk Import Options feature.
    Please check this article on how to import options to your Items Custom Fields.

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.).