To navigate chart of accounts
- Click the Ledger button at the top of the screen
- Click the Chart button at the left side of the screen
- The assets that are not bank accounts are kept separately from the bank accounts. Assets screen is shown below.
- Liability screen is shown below
- Equity screen is shown below
- Income screen is shown below
- Cost of sales screen is shown below
- Expenses screen is shown below
- Other income screen is shown below
- Other expense screen is shown below.
Users can modify a value by clicking the field then make necessary changes. Users may change many things as needed in any screen that users are working on.
- Click the save button when done modifying the details.
- Other buttons cannot be clicked unless the user click save button or cancel button.
The chart of accounts is organized in columns. To sort the details in ascending or descending order
- Click the column name account to sort in ascending or descending order
- By clicking the header type column, the chart of accounts shows that assets is sort according to their header type from Detail to Header
The screen shows that the given header account is linked to the different detail account. The Current Assets header account is linked to the different detail accounts as shown below.
- From liability, the type column will show what kind of account.
Some account has a check as a system account. It means that the system need that account to be there to function. For instance, if the system is automatically posting commission and automatically putting commission income into correct income category. The correct income category for commission income need to be there for the system to posted automatically.
- Bank accounts tab is separated from the other assets because darwin Cloud is the first software in AccountTECH to ever support multiple companies in a single database. If the user has many different real estate companies, this can be managed all in darwin Cloud, all at the same time. And all of the accounts will use the same GL accounts in assets, liability, equity, income and expenses. However, each company has to create their own bank accounts that will be used for writing checks and deposits.
Navigating Chart of Accounts in darwin Cloud with multiple companies,
- Click the dropdown and choose the company then it will show the bank accounts for selected company.
Bank accounts are separated because these bank accounts are always company specific.
Some of the bank accounts are used for commission. Commission bank account has a check in the Commission column. If a user is putting a commission deposit, writing commission checks, or making agent's commission deposit, these can be done only in commission bank account.
- Some of the bank accounts are flagged as escrow. Escrow bank account has a check in the escrow column. Escrow bank account is unique because if a user make a deposit into an escrow bank account, at the same time it also incur a liability. For instance, if there is a $10,000 deposit, there is also $10,000 liability.
When a user flagged a bank account as escrow, the system will require the liability account that will hold the escrow liability when making a deposit into the selected bank account.
To setup or modify a liability account to an escrow bank account
- Select the escrow liability from the dropdown list
- Click save
Before setting up escrow bank account, make sure that the corresponding liability account has been created. Users may have multiple escrow accounts. Each escrow bank account can have different unique liability account if that is useful for tracking.
Escrow liability accounts can be only used in Escrow screen in darwin Cloud. All deposits and withdrawals using the escrow bank accounts can be done only in Escrow screen under Properties.