Accounts

Click Master Data > Accounts to open the tab showing the configuration data for the system accounts.

BizController offers two modes of operation. In the Simplified Mode the User’s assumptions are linked directly to the reporting lines that have previously been defined in the Templates Editor. In this mode it is not necessary to enter or import any account settings. Technically, the system will automatically build and update the chart of accounts for you each time you build or edit a report. Each account will correspond to a single reporting line and have the same number. Alternatively, the user can enter a list of accounts used in their organization to plan or control on an individual account level (Full Mode).

Entering a list of accounts can be useful if the user wishes to compare historical account balances from the accounting software against their budgeted values. This allows for a relatively detailed financial control.

On the other hand, entering an account listing may be unnecessary for business plan building or other ‘high level’ analyses. The User might decide to build assumptions directly against a given line in a financial statement. This is possible in the Simplified Mode, in which BizController treats each reporting line as equivalent to an account with the same number (FSI).

To work in the Simplified Mode, uncheck Use Accounts at project creation stage. In the Simplified mode the accounts are generated automatically and the user cannot edit the list.

When in the Full Mode, fill in the configuration fields for each account:

Account ID – a unique identifier or number for an account (e.g. it can correspond with the numbers used in the organization’s accounting system)

FSI – a number (identifier) of the financial statement item line to which an account should be linked

Description 1, Description 2 – names or short descriptions for each account

Acct Type – account type, i.e. asset, liability, income, expense, cash flow

·         Unlike most accounting systems, BizController allows the user to define cash flow accounts. It encourages the user to use the direct method for cash flow building, which is more suitable for cash flow management and also recommended by IASB.

·         Cash transactions (i.e. any that impact cash position of an entity) can be defined using appropriate cash account numbers instead of the traditional single “cash and cash equivalents” balance sheet account . BizController will automatically transfer the net cash flow to the appropriate balance sheet account at the end of each period. To use this functionality, it is first necessary to configure special accounts in the Financial Year Close Module (FY Close).

·         Identifiers (account numbers and FSI numbers) cannot exceed 16 characters, include spaces nor special characters. They can include both letters and numbers.

Accounts can also be imported from a text file (.csv) or Excel Files using one of the Import Wizards.