Chart of Accounts [ADMIN]
Just like a car won't drive without wheels, your numbers won't appear in the correct places without mapping!
At the start of setting up a new client file, you will need to map a standard chart of accounts for the rest of the functionality to work!
In most cases, to do this, you will use a Silverfin Chart of Accounts.
What is the Silverfin CoA?
Your administrators will manage the chart of accounts available for you to use.
- The initial CoA in your Silverfin environment contains c800 6 digit Silverfin codes for your users to map to
- There is a further ‘Extended CoA’ that contains c4000 codes, which can also be used only if required
This document has both charts on 2 tabs: Silverfin-Chart-of-Accounts---October-2020.xlsx
How can I see my firm's CoA?
You can find the CoA being used in your environment in 'Templates.'
Scroll towards the bottom and you will find them under 'Mapping Lists'
What changes can I make to our firm's CoA?
- You may add expand your CoA by adding any codes within the ‘Extended Silverfin CoA’ to your Silverfin CoA
- (E.g. I want to add an extra revenue code)
- If you require even further codes, you can use an alphabetical suffix
- (E.g. I want to categorise all of my types of revenue across the client base)
- You may remove codes if you want a smaller CoA
- (E.g. I want to slim down the CoA to make it easier for my users to search for the required codes)
- You may rename any of the names of the accounts, to help the search functionality for users
- (E.g. I want to add the word ‘Sales’ to the revenue codes, to make it easier to search)
- You may build multiple CoA if you want a specific CoA for a particular industry (E.g. farms)
- (E.g. I want to make a specific CoA for a particular industry with a unique naming convention- Farms)
- You cannot add codes to your CoA that do not exist in the Extended Silverfin CoA
- (E.g. You cannot add code 123456 if this does not exist)
How do I make changes to my firm's CoA?
1) Open your CoA and download your current CoA by hitting 'download' in the top right of your screen:
2) Open the Excel document and make any changes. E.g. to add codes in from the Extended CoA, simply add extra rows.
3) Upload your revised CoA into the same 'Mapping list' by hitting 'Upload'
What does the 'original number' column do?
This feature can save your users lots of time when they map client files, but it is only useful if you have a chunk of your clients who use a consistent CoA. It allows you to map incoming 'original numbers' to a Silverfin number. This is where it can be useful to have multiple 'Mapping Lists.'
E.g. If incoming code 123 is always Sales (400000), then you can populate the original number column with 123, and when this mapping list is used, it will automatically map 123 to 400000, so the user doesn't have to select this, but only confirm it.
The 'original number' is the account number you are mapping from!
A user case: I have 100 Xero clients who all use the same CoA. Your admins can make a new 'Mapping List' where they add the incoming Xero codes to the 'original number' column. When a user then adds a client, they can select this Mapping List, and their mapping will be partially complete for them- based on the power of this 'original number' column!
Some guidance on setting up the 'original number column':
- You cannot currently map multiple 'original numbers' to one Silverfin number. If you want to achieve this, you can simply make a copy of that row, and add an alphabetical reference.
- E.g. I want to map 123 and 456 to Revenue. 3. Choose the mapping list that must be applied to the client. Next link all ledger codes to Silverfin’s chart of accounts. Note that all ledger codes must be mapped one to one. Therefore it is not possible to map 2 ledger codes to one code in the new chart of accounts.
Some 'Mapping List' settings:
- It is recommended to keep the suffix switched on: this means that within an individual client, you can map multiple incoming codes to one Silverfin code, and each will be given a numerical suffix (.001 .002 .003 etc)
- Keeping original accounts names switched on, means that within the Working Papers, that the user will see the incoming account name, rather than the name in your mapping document.