what is factor to be consider for finalisation of chart of account

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what is factor to be consider for finalisation of chart of account..

Following are some of the factors which can be considered. 1. Current Chart of Accounts structure of the Organization (legacy). 2.Reporting requirement (For ex: Product based profitability or reporting) 3. Inter-company Accounting 4. Legal Requirements 5.Type of Industry for example some project based organizations use a segment to get project based accounting.

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what is factor to be consider for finalisation of chart of account..

Answer / tejakarnati

Depending on your organization structure and reporting requirements it would change. You can create up to 30 segments. Most organization use between 5-10 segments. But one factor you need to consider before finalizing chart of accounts is future changes to the structure is difficult and not recommended.

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