Joe
]]>During installation I selected this CoA as a basis for my company. The en_AU-0000.sql file written to the www/fa/sql folder by the installation script has this header:
# MySQL dump of database 'faupgrade' on host 'localhost'
# Backup Date and Time: 2010-08-06 13:56
# Built by FrontAccounting 2.3RC1
# https://frontaccounting.com
# Company: Company name
# User:
There is something strange about the CoA classes in Setup > Maintenance > GL Account Classes ...
Class ID Class Name Class Type
1 Assets Assets
2 Liabilities Liabilities
3 Income Income
4 Costs Expense
[ ] Show also Inactive
... in that the Equity (or Capital) class is missing. Bookkeeping for Total Drongos tells me that the accounting equation is Equity = Assets - Liability.
I created an Equity class with type Equity and got this:
Class ID Class Name Class Type
1 Assets Assets
2 Liabilities Liabilities
5 Equity Equity
3 Income Income
4 Costs Expense
[ ] Show also Inactive
Now, printing out the CoA from Setup > Inquiries and Reports > General Ledger Reports > Chart of Accounts shows an existing Equity account as a Liability:
...
5 LONG TERM LIABILITIES
2620 Bank Loans 2000
2640 Hire Purchase 2000
2650 Other Loans 20006 EQUITY // What the?
3350 Issued & Paid up Capital 3300
3360 Payments for G & S for own Use 3300
3370 Opening Account Balance 3300
3380 Credit Payments / Holding Account
3390 Retained Profits 33005 Equity // The new Equity class I just added
3 Income
7 SALES REVENUE
4020 Sales / Manufactured Products 4000
...
Can someone more knowledgeable than me about accounting conventions advise whether 3350 to 3390 should be changed to be Equity type accounts?
Regards,
Hedley