First Choice Final Accounts - Chart of Accounts

First Choice Final Accounts home page

User guide

Overview
What you need to know
System requirements
Upgrades
Version history

Getting started
Introduction
Setting up a new client
Creating your first accounts - step by step
Final accounts production checklist
Console toolbar

Using First Choice Final Accounts
Chart of accounts
Accounts description file
Special account codes
Posting file data entry
Transferring opening balances
Importing trial balances
Using the client data screens
Printing the final accounts
Using Quick View/print
Dealing with fixed assets
Creating/filing accounts for Companies House

Other Topics
Periods of accounts and comparatives
Final accounts creation options
Cashflow statements for limited companies
Final accounts validation
HMRC Live validation
The trial balance import wizard
How the software handles iXBRL
The iXBRL viewer
Submitting accounts to HMRC and Companies House
Exporting self assessment data to tax packages
The Clients directory screen
Installing import conversion files
Final accounts formatting options
Limited Company abbreviated accounts

Chart of accounts

This is a listing of the groups of accounts that form the basis of final accounts preparation. The groups are listed in a typical structured order as follows:

Income statement accounts	Operating Revenues Operating Expenses Non-operating Revenues and Gains Non-operating Expenses and Losses
Balance sheet accounts	Fixed assets Current assets Current liabilities Long term liabilities Owners (Shareholder's) equity

On the Console screen, the Chart of accounts groups are held in a list box and each group is linked to one or more numbered accounts in the adjacent Accounts description file. Click on any group and the first account in the group will be highlighted. Similarly, click on any numbered account code and its parent group name in the Chart will be highlighted. (Note: this is a helpful visual aid when posting accounts data)

All final accounts produced in First Choice Final Accounts whether sole traders, partnerships or limited companies use the Chart of accounts groupings (although the software will hide redundant groups for a particular client type)