Master Charts of Accounts

When you click Master Charts of Accounts in the navigation pane, Master Charts of Accounts appears. This page displays a list of the master charts of accountsA master chart of accounts is the complete list of all of the accounts used by the business, including subsidiaries, for financial transactions. It forms the basis for the creation of a master trial balance. that exist in the system, viewable by year. General Ledger Manager enables you to create master charts of accounts that can be used in General Ledger Manager as well as in ONESOURCE Income Tax and ONESOURCE Tax Provision. In General Ledger Manager, a master chart of accounts is the framework upon which master trial balances are based and as such is a key component in account maps.

Tax Return Codes (TRCs) and Tax Combination Codes (TCCs)

In order to create a master chart of accounts that can be shared across applications, the master chart needs to contain Tax Return Codes (TRCs) and Tax Combination Codes (TCCs). These codes are displayed for your reference when you're creating account relationships in account maps in General Ledger Manager, but they are required to create tax returns in ONESOURCE Income Tax and provisions in ONESOURCE Tax Provision.

In ONESOURCE Tax Provision, TRCs and TCCs are used to consolidate subline accounts. In ONESOURCE Income Tax , system-defined Tax Return Codes (TRCs) are used to “map” individual account balances from a company’s general ledger to specific lines on the tax return. To ensure that account balances are transferred to the appropriate area of the tax return, every account within a company’s master chart of accounts must be assigned a valid TRC.

In ONESOURCE Income Tax , the relationship between the charts of Tax Combination Codes (TCCs) and the Tax Return Codes (TRCs) is the foundation for all account management. TCCs enable users to add multiple customized descriptions for individual TRCs of the return. The chart of TCCs is the first chart created. A TCC is a user-defined code with three digits used to combine accounts into subcategories within a single TRC.

Creating a master chart of accounts

A wizard is used to guide you through the creation of a master chart of accounts with the TCC chart assigned. In Master Charts of Accounts, click the Create a Master Chart of Accounts link and then enter the data required by the wizard.

Step 1. Master Setup

1. Enter a name for the master chart of accounts.
2. Select the applicable tax year for the master chart.
3. Choose the applications outside of General Ledger Manager that will use the master chart.

Step 2. TCC Options

• Create a new TCC chart and name the chart (If you only use ONESOURCE Tax Provision, this option is the only one available.).
• Copy an existing TCC chart and enter a name for the copy.
• Link an existing TCC chart to the master chart.

Step 3. TCC Setup (required only if you're creating a new TCC chart)

This view displays the system defined Tax Return Codes and enables you to import or enter additional TCC codes and descriptions.

Step 4. Create Sub Line Chart

1. Import or enter master account numbers and descriptions.
2. Assign the appropriate TRC/TCC codes to each account.