Modify Chart of Accounts
Explanation
Use this activity to enter, change, and view detailed information about the accounts in the
chart of accounts. A default chart of accounts is created when a company is created. This mandatory task is to be
performed by a system administrator or equivalent person.
A specific account can be modified in the Account page. Several accounts can be modified
in the Accounts page.
The Account page contains the following tabs:
- Basic Data: Enter basic information about an account.
- Code Part Demands: Enter code part requirements for an account.
- Budget Code Part Demand: Enter code part requirements for an account that is used for budget values.
- Consolidation: Enter information for consolidating an account.
You cannot delete an account with postings. There are other checks to determine the changes allowed on an
account in use, e.g., you cannot change the account type.
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Prerequisites
This activity has the following prerequisites:
- The company must exist in IFS Financials.
- Before starting up the system and entering transactions, ensure that the company’s accounts are
correctly set up.
System Effects
As a result of this activity:
- The account information is used when financial transactions are created in the various components in IFS
Cloud.
- The account information is also used when budget values are entered in the Budget Version in
IFS/Financials-Planning.
- If IFS/Consolidated Accounts or IFS/Group Consolidation is used, the information in the
Consolidation tab is used when consolidation information is created.