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Setting up the chart of accounts

The accounts in the chart of accounts inform Time where to post work in process and accounts receivable amounts. Whenever, you create a time entry, Time posts the equivalent amount to the work in process account. If you issue an invoice, Time debits accounts receivable and credits fees and the applicable tax accounts. This information is useful for determining the accounting information. When creating the chart of accounts, it is advisable to follow the numbering structure your firm uses for financial reporting. Time interacts with Working Papers. Therefore, if your firm uses Working Papers to prepare their working papers, it is possible to export the Time general ledger to Working Papers in the form of journal entries (general journal entries or sales journal entries). For this reason, it is imperative that the chart of accounts in Time match the applicable accounts in Working Papers. The ability to export information on a monthly or other reporting basis avoids unnecessary duplication of work.

As a minimum, Time requires the following accounts:

  • Bank account
  • Accounts receivable

It is also recommended that you set up accounts for the following:

  • Work in process
  • Interest
  • Fees