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The Chart of Accounts is the structure that allows VT to exchange accounts receivable data with the General Ledger accounting system used by your corporation. Properly structuring the VT Chart of Accounts will enable you to export AR data to your General Ledger software with a minimum of fuss.
Having a properly structured Chart of Accounts is one of the foundations of a well-functioning VT System. Take the time to think it through. While you can always modify it as you work, it is far better to have a solid basic structure before you begin actively using the system. We strongly recommend that you adopt the account structure and numbering system used by your General Ledger software. Somebody’s already done the design work and you might as well take advantage of it.
A Chart of Accounts consists of several Account Types, which have been pre-defined in VT. Each Account Type can then have one or more accounts, and each income or expense account can have one or more sub-accounts. Those accounts and sub-accounts are what you define in this dialog.
The Account Types available and pre-set in VT are A/R (Accounts Receivable), Bank, Holding, Other Assets, Liability, Income, and Expense. Any account you create must go under one of these account types.