Reviso provides you with the chart of accounts by default. This contains all the most common account codes you would find in a chart of accounts however, you may wish to edit existing ones or add additional ones to the list and that process is easily achieved.
This short video takes you through the process:-
Where to find the chart of accounts in Reviso?
Just go to Settings > All Settings > Finance > Chart of accounts.
The default settings allow you to start working with Reviso right away since you will not have to worry about creating or importing your own chart of accounts. Reviso chart of accounts proposes you an accounting plan disaggregated in accounts of 4 digits. This configuration usually fits SMEs, but if you need to work with more digits, it is possible to make the adjustments. You can also import your own chart of accounts with the digits you need. IMPORTANT: Reviso registers customers and suppliers in specific and differentiated listings. Therefore, you MUST NOT create any individual customers or suppliers in the chart of accounts.
You do not have to worry about any information getting lost, even though customers and suppliers are not included in the chart of accounts. You will have a control over the information regarding your customers and suppliers anyway.
Creating new accounts
If you need to create a new account in your chart of accounts, just click on New account. The following window will pop up and you will have to fill in the required information.
The text below provides you with the information you might need to fill in the blanks. Please note that only fields marked with an asterisk (*) must be completed.
Types and numbers of accounts
As you can see in your chart of accounts, accounts with one to three digits are not used directly for accounting entries but will reflect the sum of the subaccounts that are included in them. Example: the account 100 includes the sum of balances recorded in the accounts 1000 and 1001. The account 10 then includes the sum of balances recorded in the accounts 100, 101, 102, 103, etc. Accounts that you use in your entries entail a minimum of 4 digits (Reviso allows you to create accounts up to 9 digits) and will be relevant to balance profit and loss information. Balance sheet accounts include groups 1 to 3 and profit and loss are aligned with groups 4 to 9 (income and expense accounts).
Information regarding VAT is not mandatory. It is advisable to use it for sales and purchase operations, which normally carry VAT. If we define a VAT code, it will be faster to enter invoices in the system since the VAT code will appear in the entries by default. Even if you define a VAT by default, it is still possible to edit it manually in the entry or invoice itself.
This field is useful for introducing some entries since the Contra account appears automatically when we use the account we are establishing.
This field is only enabled in accounts regarding the balance. We will need to define an account when we want the balance of the account we are creating to open as the opening balance in a different account. Therefore, the account will not require an opening balance of the new accounting year.
Key figure code
This field is related to the Key figure report. If you fill this field with one of the indicators from the list, you can see a report that shows various results such as contribution margins.
This field also relates to some reports and functions within Reviso. When you define a category for your account, you will be able to see relevant information, grouped by categories within the Account Category Report and Account Category Balance reports. Additionally, the categories of your accounts are related to the ratios and indicators that appear under the Home tab in your control panel, so configuring this field will provide you with more information about your company.
Debit / Credit
Choose the type of account you are creating between credit or debit. This may help you in introducing some entries. Do not worry too much about this field since you will be able to define it once again later.
The accounts that have been used in Reviso, can not be eliminated. Therefore, we offer you the option of Access. All your accounts are defined with an Open access by default. This means that they are available for accounting. If you select the access as Barred, the account will be excluded and blocked from your chart of accounts. You will no longer be able to use it in your entry registers, therefore, you will avoid possible errors.
Block direct entries
Reviso registers series of entries and/or invoices automatically. Therefore, we recommend you not to make direct entries in some accounts, since the easiest and most correct way is to register entries automatically. Example: VAT accounts are used through VAT codes. We will select the VAT code when entering an invoice, but never the account. To avoid mistakes, we can block direct entries in VAT accounts and thus avoid any potential errors in our VAT reports.