Overview: Your firm can customise the standard chart of accounts in Active Workpapers. This is a good option where the Business Fitness standard chart of accounts are different to the firms.
Note: This function is exclusively used to create standard firm account groupings and lead schedules (only where the use of lead schedules is turned on in the Admin Centre). Additionally, this is for firms who use Active Workpapers only, not firms who use Active Workpapers and Active Ledger & Reporting.
Please refer to the Glossary for definitions of key terms used in this article.
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Create a standard chart of accounts
From the Admin Centre, click on Workpapers Admin under the Workpapers banner.
Select Standard Chart under the Binders tab.
Active Workpapers ships with a Business Fitness standard chart of accounts.
Add standard accounts
From the standard chart screen, right-click on the account type and click Add Standard Account.
Enter details such as account name, account type and relevant entity types. In this case we will add 'Cash and Cash Equivalents' as a standard account, with a cash and bank balances account type and it will be relevant to all entities.
Note: The mapping code and sub code are not used regularly and are for advanced administrator use.
Click Save and Close.
Note: If the use of lead schedules are turned on in the background, you will have an additional option for the account to be a lead schedule by selecting the checkbox. For more information regarding lead schedules, see the support article: How to use lead schedules.
Note: If there are name variants for the account you are adding, refer to the 'Adding a standard account with name variants' section.
This will now appear as a heading in the standard chart.
Add a standard account with name variants
From the standard chart screen, right-click on the account type and click Add Standard Account.
Enter details such as account name, account type and relevant entity types. In this case we will add 'Share Capital' as a standard account, with a capital account type and it will be relevant to both companies and trusts.
Although share capital account is not specifically relevant to trusts, a variant of this, being the settlement sum and issued units accounts are. This is where the Name Variants section needs to be filled out.
Select the relevant jurisdiction (if applicable), entity type and account name variant. Click Add.
Complete this process for all relevant entities and click Save and Close.
This will now appear as a heading in the standard chart.
If you would like to view the standard chart of accounts relevant to a particular entity, change the entity type in the top left corner of the screen.
For example, if partnership was selected as the entity, the share capital account would not display in the standard chart as this is only relevant for companies and trusts.
