MODULE 8: Monthly and Year-End Processing
MODULE 9: Utilities and Maintenance
MODULE 10: Reporting and Analysis
Final Exam
Capstone Project
3 of 3

Part 2: Chart of Accounts & Beginning Balances (Module 3)

1. Chart of Accounts Design:

  • Define a three-segment account structure: Fund (1 digit), Cost Center (3 digits labeled “Program”), and Object Code (4 digits).
  • Create two Funds: 1 – Unrestricted and 2 – Restricted.
  • Create three Cost Centers: 100 – Administration, 200 – Youth Services, and 300 – Adult Education.
  • Create essential Object Codes, making sure to assign the proper Account Types (e.g., Bank for Checking, Payables for AP, Receivables for AR).
  • Use the Chart of Accounts Linker to link your Funds, Cost Centers, and Object Codes into valid account strings.

2. Beginning Balances:

  • Navigate to the Chart of Accounts Beginning Balances screen.
  • Enter an opening debit balance of $50,000 in your main Checking Account and an opening credit balance of $50,000 in your Unrestricted Net Assets account.
  • Save and lock the beginning balances.