A Standard Chart of Accounts is provided with Medlin Accounting.  Although any sequential numbering scheme will work, the COA provided is in common usage by accountants.

The Chart of Accounts can be modified at any time, including the account numbers.  When account numbers are changed, existing transactions are updated to reflect the new number.

To Add an Account - Click the Add Account button on the Setup / Chart of Accounts screen.

To Edit an Account - Click the account you would like to change.

To Delete an Account - Right click the account you would like to delete.  You are not allowed to delete an account with a balance or with any transactions posted to the account during the year.

Number (Account Number) - A three or four digit number between 000 and 9999 which is used for posting transactions.  When posting entries, you can also search by the account description.

Acct Type (Account Type) - Determines what "type" of account this is - asset, liability, etc.  See Chart of Accounts Coding for details.

Total Level - Determines how/if the balance of this account is totaled into the following accounts.  See Chart of Accounts Coding for details.

Title Type - Determines if this is an account you can make entries to, is used for totaling purposes, or is another special account.  See Chart of Accounts Coding for details.

Description - Up to 40 characters are allowed for the account description.

Bal Fwd (Balance Forward) - Used to store the balance of any removed entries. This is NOT something you should ever need to edit.

Technical Notes

•The Standard Chart of Accounts is installed when you install Medlin Accounting for the first time.

•Editing the COA is allowed, but we recommend you wait a month or so to get the "feel" of the program first.

•When you use the Add New Data Folder function, the new client starts off with a copy of the COA.  Where does this COA come from?  It comes from the set of data you have open when you use the Add New Data Folder function.  If the new client's COA is empty, it means you were "looking at" an empty set of data when you created the new client.

•The Account Number field can contain text, numbers, or any combination of the two.  However, it is best to use numbers with the same length (same number of digits) so the accounts will sort properly.