Import Chart of Accounts

To import your chart of accounts into Versa Cloud , use the csv file chart_of_accounts.csv. This file format is also used for importing trial balances which need additional columns called account_number, current_balance, period_end_date, imported_earlier. You can create one file for importing chart of accounts and trial balance.

The files have the following columns. The columns needed for importing trial balance will be ignored.
account_number: Account number. Not required if you do not use account number.
name:  Required.
description: Description of the account. Can be blank.
gl_account_type: Account type
gl_account_subtype: Subtype in an account type if applicable.
currency_code: Currency of the account if the account is a cash type of account. Applicable if the account type is Asset and subtype is Cash.
default: Set this to TRUE if this account is a default account in VersAccounts. There are some accounts that are created by default in VersAccounts. Accounts such as Accounts Payable, Accounts Receivable, Inventory Asset accounts, Cost of Goods Sold. Such accounts do not need to be imported. But if you want to list them in the csv file for completeness, you can set the default column to TRUE which will cause import to skip this row.

gl_account_type is the account type and gl_account_subtype is the account subtype.

Allowable Account Types and Subtypes:            

GL Account Types: Asset, Liability, Owner's Equity, Retained Earnings/Deficit, Revenue, Expense, Contra-Asset, Contra-Liability, Contra-Expense, Contra-Revenue.
GL Account Subtypes: Some account types have subtypes which are optional.

Only provide subtypes when needed to note special accounts. Keep subtype blank if you do not need it
For Asset accounts, there are Fixed Asset, Cash, Inventory, Inventory: Finished Goods, Inventory: WIP, Inventory: Raw Materials, Accounts Receivable, Undeposited Funds, Supplier Prepayments
For Liability accounts, there are Customer Deposits, Credit Card, Accounts Payable, Customer Deposits
For Expense accounts, there is Cost of Goods Sold

 

Accounts in multi-entity setup

Add headers in your import file to import chart of accounts for multiple entities. This is optional.

"Entity 1", "Entity 2", "Entity 3" etc.

The entity number is referring to the order of the entities as shown in set up, company, entities. 

If the entities headers are not present , the system will assume you want to add the same accounts to all entities unless the account has the subtype "cash", "credit cards" ,"inventory".

In a multi-entity setup, GL accounts can be shared for all entities or only exists in certain entities. You can choose to import the chart of accounts for each entity using one file per entity or import chart of accounts for all entities at once.

Accounts with the following subtypes below can be created in one or more entities.

"Cash",

"Credit Cards",

"Inventory"

Accounts with subtypes below must be created in all entities.

"Discounts Granted",
"Discounts Taken",
"Accounts Receivable",
"Customer Deposits",
"Accounts Payable",
"Taxes Payable",
"Inventory: Raw Materials",
"Inventory: WIP",
"Inventory: Finished Goods",
"Cost of Goods Sold",
"Exchange Rate Gains & Losses",
"Realized gains/losses on disposal of assets",
"Fixed Asset",
"Undeposited Funds",
"Accumulated Depreciation",
"Supplier Prepayments"