BULK FIN ACCOUNTS CREATION

Created by Level 1 Support Team, Modified on Fri, 15 Mar 2024 at 02:01 PM by Level 1 Support Team

Table of Contents

1. Introduction

2. Creating ledger items in bulk using file import

3. Creating ledger items in bulk using grid

4. Calculation Criteria in Journal Entry Screen

5. Essential Steps for COA Transition

1. Introduction

The Bulk Financial Accounts Creation screen is utilized for creating multiple financial accounts simultaneously or in large quantities within a company's financial system.

To create financial accounts in bulk

Go to HAL Framework Builders -> Form Builder -> Bulk Fin Accounts Creation

In this form, we can create financial accounts in bulk either by adding the financial accounts details in the Ledger Items grid or by importing the financial accounts using the provided sample sheet.

2. Creating ledger items in bulk using file import

Enable the "Import Data" field by setting it to "yes". Download the provided sample sheet, add the ledger items to the sheet, and then upload it.

Add ledger items to the downloaded sample sheet.

In the above sample sheet, the columns signify:

Column Name	Description
ACCOUNT NO	It organizes accounts into broader categories and subcategories within the chart of accounts, facilitating structured classification and hierarchical arrangement of financial data.
ACCOUNT NAME	This column specifies the name of the account.
DESCRIPTION	This column provides a brief description of the account.
PARENT ACCOUNT	This column denotes the parent account of each specific account, establishing a hierarchical relationship where subordinate accounts (child accounts) are grouped under higher-level accounts (parent accounts). For example, in the given table, the "Fixed Assets" account (ACCOUNT NO: 1000) is a child account of the "Asset" account (ACCOUNT NO: 10), as indicated by the "PARENT ACCOUNT" value of 10 for the "Fixed Assets" account.
LEDGER TYPE	It has two types HEADER and DETAIL
LEDGER TYPE: HEADER	Header accounts represent broad categories or groupings within the chart of accounts, serving as the overarching classification for related detail accounts. Header accounts should not possess a ledger balance. For header accounts, the ledger balance must be either empty or zero.
LEDGER TYPE: DETAIL	Detail accounts are specific accounts that fall under header accounts, providing detailed breakdowns of transactions or balances within each header category. Detail accounts are eligible to have a ledger balance.
LEDGER GROUP	This column specifies the ledger group to which the account belongs.
LEDGER BALANCE	This column represents the ledger balance associated with the account.

Upload the sample sheet after adding the ledger items.

Upon clicking "ADD", the ledger items are included and displayed in the "Ledger Account Setup" screen.

3. Creating ledger items in bulk using grid

Click the ' + ' icon in the grid to add a new row. Once the new row is added, select it and enter the number of rows we want to duplicate in the text box.

Once the number entered in the textbox, click the icon next to the textbox and the number of rows entered will get added in the grid.

Then add the Ledger Items either by copying their details from the XL/CSV file and pasting them here or by manually entering here.

The Customer provides a ledger accounts structured in a tree-like format.

We converted the tree-like structure into the following format.

Copy the ledger items from the file and paste them into the grid in column wise.

Upon clicking "ADD", the ledger items are included and displayed in the "Ledger Account Setup" screen.

4. Calculation Criteria in Journal Entry Screen

When adding ledger accounts, the Journal Entry screen displays all accounts with ledger type 'DETAIL'. When calculating the total credit and debit amount it include only accounts with ledger type ASSET, LIABILITY, and EQUITY.

5. Essential Steps for COA Transition

Note: Important

Every time the Chart of Accounts (COA) is loaded, it is mandatory to update the following four steps for the transition:

1. Company Config / Settings page.

2. Tax Accounts.

3. Ledger Categories as per the image below.