Home » Account  »  Ledger Accounts (Chart of Accounts)
Table of Contents

Ledger Accounts (Chart of Accounts)

Overview

While Vinsight is not an accounting app, there are places that you can fill in Revenue, Expenses and Asset Ledger Code to make cost accounting features work and make posting to your accounting system more automated. These account codes are referred to as Ledger Accounts in Vinsight and collectively form what is often referred to as the Chart of Accounts in accounting systems.
You can create these manually, or you can copy these from your accounting system with the click of a link. Read below for more details.

In this document:

Ledger Account Types

You can maintain Ledger Accounts manually in the Settings > Accounts area.

Firstly Ledger Account Types as in the image below.

Ledger Accounts

Then you can create Ledger Accounts for each type.

 

Copying Chart of Accounts from Xero

If you already have a Chart of Accounts defined, in say Xero, you can automatically copy these over from Settings > Setup > Addons > Xero:

 

Then click the link below.

 

Current Liabilities
  • 821 WET (If you are in Australia and need to Track WET Tax)
  • 822 Excise Duty (If you are paying Excise Duty for Beer, Wine or Spirits)
Current Assets1
  •   Finished Items (For your items that are packaged and ready of sale)
  •   If using a Vinsight production subscription then add these as well:
    •   Grower Dry Goods  (Dry goods purchased but not yet applied to the Vineyard or Orchard)
    •   Production Dry Goods  (Ingredients purchased but not yet applied to Bulk Wine, Beer etc)
    •   Packaging Dry Goods (Packaging not yet used for bottling or kegging)
    •   Bulk WIP (All you bulk beer, wine or spirits that is in tank or barrel and not yet packaged)
    •   Costs to Be Capitalised2 (Holding account for indirect costs to be capitalised as overheads)
Revenue3:
  • Three to four Revenue Ledgers to represent high level revenue performance.  For example. . .
    •   Sales Wholesale
    •   Sales Direct to Consumer
    •   Sales Export
Expenses
  • Cost of Goods Sold
Notes:
1. Be aware many accounting systems have “Controlled Accounts”, i.e. Ledgers that you cannot alter using journals and transaction from an outside system. For example in Xero “Inventory” accounts can only be edited by Xero, these may be represented in the Chart of Accounts with a “lock” icon. This is why you must ensure you use Current Asset accounts not controlled accounts so that Vinsight can post journals to keep the balance sheet in sync.
2. If you want to capitalise certain indirect costs that are only seen in your accounting system (i.e. they are non direct inventory costs) like electricity, salaries etc. Rather than expensing them in your accounting system, code them to this account before allocating them as overheads using Component Allocations
3. From Vinsight you can post revenue to accounts based on the Stock Item (product) or on the Contact (customer). We recommend posting to Revenue accounts based on the customer group, because often different customer groups eg consumers, export and wholesale/trade customers have bigger differences than between product groups so it is more interesting to see these on high level reports like the Profit and Loss Statement. Also you can always do detailed and varying Gross Profit reporting in Vinsight which mitigates the need for complicated Revenue accounts in your chart of accounts. For example reporting by product categories that you choice and configure. See the image below and learn about how to configure your products and contacts for this reporting here: https://docs.vinsight.net/sales-reporting-using-categories