Chart of Accounts in Rise Accounting and Rise School Management

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Overview

Chart of accounts is a list of General Ledger (GL) accounts that a company uses to record business transactions. Chart of accounts is a basis for company’s financial reports.

You can take accounts for your Chart of accounts from templates in the system or create custom GL accounts that meet your business needs. Another alternative is to import your company's Chart of accounts from Microsoft Excel file.

Preparing Charts of Accounts for Import

First of all, prepare your chart of accounts for import. You can only import Excel spreadsheets. So, if you have a chart of accounts in Microsoft Word or another format, prepare an Excel file.

Make sure the format of your Microsoft Excel file is accepted by the system:

  • There is one column for each of the following attributes: Code, Description, Parent account, Account type, and Financial category.
  • There is one row for each account.
  • Each code is unique. Otherwise, the system will not let you import it.

Parent account allows the system to identify if this account is a sub-account or a main one.

Account type helps the system to identify how to treat each account. For example, whether you use this account to analyze your Sales or Other income.

Financial category helps the system to identify where to place each account in financial reporting. All your income and expenses are a part of the Income statement, and all the assets, liabilities, equity, bank, payables and receivables will go to the Balance sheet.

Importing Chart of Accounts

Importing Charts of Accounts from External File

To import your Chart of accounts into the system:

  1. Go to Accounting > Chart of accounts.
  2. Click Import from template and select Import from file.
  3. Click three dots on the Import from file field.
  4. Drag your file into the opened window or click Select from disk to search for your file.
  5. Click OK.
  6. Click Import.

Some of the accounts in the list will be yellow. These are parent accounts. You cannot map such accounts to 043 or allocate the budget to it.

After import, we strongly recommend that you check if all sub-accounts are correctly mapped to their parent accounts. If some accounts were not mapped, open them and specify the requierd parent account in the Parent account field.

For more information on how to import Charts of accounts to RSM, see the video: https://www.youtube.com/watch?v=a0jvO-tw3lY&list=PLjPtHTiePyjtXh05J-0_HGdFHFKe0sJLz&index=27

Importing Charts of Accounts from Template

If you don't have your own Chart of accounts, take the accounts from one of the templates in the system.

To import a Chart of accounts from a template:

  1. Navigate to Accounting > Chart of accounts.
  2. Click Import from template and select Import from template.
  3. Click three dots on the Import from template field.
  4. Select the business type you need the accounts for.
  5. Click OK.
  6. Click Import.

You can always change your accounts according to what you want.

Creating Accounts

To create an account in the Chart of Accounts:

  1. Navigate to Accounting > Chart of Accounts.
  2. Click the Green plus button.
  3. Fill in the following fields:
    • Description. Name of the account.
    • Account type.
    • Code. This code must be unique.
    • Parent account. Specify it if your account is subordinate to any other GL account.
    • Financial category. Select a type of a financial statement that will include the GL account: Income statement or Balance sheet.
    • If required, enter a note in the Note field.
  4. Click Save and Close.


Creating Sub-Accounts

To create a sub-account:

  1. Go to Accounting > Chart of accounts.
  2. In the Chart of accounts list view, double-click the account that will become the sub-account.
  3. In the Parent account field, enter the number of the account that will become the parent.
  4. Click Save and close.


Removing Sub-Accounts from Parent Account

To remove a sub-account from a parent account, double-click the sub-account and remove the account number from the Parent account field.

Tips and Tricks

  • To view a General ledger report showing transactions, click General Ledger.
  • To search for an account, use the search box in the upper right corner.

Exporting Charts of Accounts

To export your list of accounts:

  1. Go to Accounting > Chart of accounts.
  2. Click Export list.
  3. Click More actions and then click Print... or Save.

Marking Accounts for Deletion

To mark an account for deletion:

  1. Go to the list view.
  2. Right-click the account you would like to delete.
  3. Click Mark for deletion / Unmark for deletion.

You will no longer be able to use this account.

Before marking an account for deletion, make sure there are no documents linked to the account.

To unmark it for deletion, right-click the account again and Mark for deletion / Unmark for deletion.


Mark or Unmark for deletion.png