Chart of Accounts Maintenance – Overview
The chart of accounts is the overall layout and description of your credit union's general ledger.
Types of Information
The chart of accounts includes information on three levels: Company, Branch/Location, and G/L Account.
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Tool #1784 Corporate ID Maintenance Corporation information includes data such as the current processing month, the fiscal ending month, government identification numbers, and control information for accounting checks. Most credit unions use just one chart of accounts. However, a separate set of books can be maintained for any subsidiary companies managed by your credit union. |
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Tool #176 Branch Office Configuration Branch information contains the location (branch) description. By defining separate locations, revenues and expenses can be grouped under the same general ledger account number without having to assign a different main account number or suffix for each department or branch. |
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Tool #202 Chart of Accounts/Budget Groups Maint (Note that Budget Groups is also available in Tool #1783 Maintain GL Budget Groups) Account information relates to all of the individual general ledger accounts. It includes data such as account description and account type (income, expense, asset, or liability). |
G/L Account Numbers
CU*BASE allows you to define G/L account numbers to suit your credit union's needs, using the following format (the dash is shown for clarity only; CU*BASE screens do not require a dash to be entered, and some inquiry screens may show a period in place of the dash):
Account numbers are five digits long, including a three-digit account number followed by a two-digit suffix. Usually, the two-digit suffix is used to distinguish between accounts within a category of GL accounts.
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For example, you may want four different asset accounts to share the same number so you can remember that group easily. In this case, you could assign account numbers such as 750-00, 750-01, 750-02, and 750-03.
In most cases, all five digits are typed as a single number; a dash (or sometimes a period) is shown only for clarity on some inquiry screens and printed reports.
G/L Account Numbers and Branch/Location Numbers
On some screens and in some printed reports, G/L account numbers may include a branch/location number, to indicate the branch or location to which the account is assigned, and may also include the credit union's corporation number (usually 01 unless your credit union processes multiple corporations). When branches are configured, the system allows a separate G/L account for each of the locations. (You may or may not elect to use all available account numbers, however.)
