Chart of accounts and posting defaults

Set up the chart for each book, then review the defaults assigning business transactions to accounts.

Review accounts and defaults

Check account codes, names and reporting classifications. Include the accounts needed for receivables, payables, banking, cash, income, expenses, taxes and exchange differences.

Review each transaction type’s default account, numbering line and numbering rule. Separate types can distinguish activities or cash funds needing different accounts and sequences.

Check tax mappings and reverse-charge settings through Tax registrations and configuration.

Verify posting

Process representative transactions and inspect ledger entries before relying on the setup across a period. Changing a default does not confirm that previously processed transactions have changed; review affected records and processing results.