Chart of Accounts (GL Codes)

Set up your Chart of Accounts/GL Codes by going to CP Books→Advanced→Chart of Accounts

Or by going to More→ Chart of Accounts

There are 7 Account types, Asset, Bank Liability, Credit Card, Equity, Revenue, and Expense

In CenPoint there will be a few default or required GL Codes.

Default Required GL Codes in CenPoint:

• Current Assets

• Accounts Receivable

• Long Term Assets

• Current Liabilities

• Accounts Payable

• Long Term Liabilities

• Retained Earnings

• Job Revenue

• Job Expenses

Once you save a GL Code, the type CANNOT be changed.

Type meaning once you choose either Asset, Bank, Liability, Credit Card, Equity, Revenue, or Expense it will forever be that account type.

You can however change the name of the account and what GL Code the account lives under.

In this scenario we are creating a Credit Card account type, and we are choosing Jamie’s Test Card as the GL the new account will live under.

You can click ‘Preview’ to view the hierarchy of accounts before you save the new account.

Add any notes, Set a Starting Balance, Itemize by State, and click OK to save

You can also restrict a GL Code/block manual entry into that account i.e. A/R,A/P, etc.

When entering the account #, we generate the balance sheet order based off of the account #

In the US, according to GAAP rules, assets should be listed in order of liquidity

1000 Cash

1001 A/R

1002 Inventory

1000 A/R

1001 Cash

1002 Inventory

Examples of how Chart of Accounts/GL Codes may be set up:

Vehicle - Asset

Current => long term

Assets

Current Assets

A/R

Bank Account (Register / Bank Feed / can be used as a pay source for bills)

Cash / Petty Cash

Checking

Savings

Vehicle

Equipment

Inventory

Bits & Blades (assign on part)

Other

Long Term Assets

Land

Buildings

Liability

Current Liability (1 year or less)

A/P

Credit Cards (Register / Bank Feed / can be used as a pay source for bills)

Bank Credit Card

Short Term Loan

Long Term Liabilities

Loan

Equity

Revenue

Job Revenue / Income (Required Account)

Core Drilling (assign on task)

Flat Saw (assign on task)

Expense

Payroll

Salary employees

Foreman

Laborer

Trainee

Vehicles / Equipment

New Purchases

Maintenance

Fuel

Parts

(assign on part)

Office supplies

Paper

Computer Hardware

Office Furniture

Retained Earnings

Owner's Equity / portion

Buy Equipment

+ Equipment asset

+ Loan

- cash

+ Expense

Not printing out right? We print in numerical order so you may need to change the Account number.

Chart of Accounts on Portal

CP Books -> Other -> Chart of Accounts (GL Codes) -> Write GL codes on top in blue to filter (or add new one by clicking Plus icon in the blue) -> Click OPEN

Fill in the necessary information below.