Code - Enter the account number. This is usually a four or six-digit number.

Name - Enter the name of the account. Make sure the name is descriptive. For example, if it is the account for federal rebates, name it "Federal Rebates".

Type - Enter the code that corresponds to the type of account:

CA = Current assets
LA = Long-term assets
CP = Current liabilities
PL = Long-term liabilities
C = CapitalR = Revenue
OR = Other income
D = Expenditure
OE = Other expenses

Credit/Debit - Enter whether the account is a debit or credit account:

C = Credit
D = Flow rate

If it is a credit account, enter C. If it is a debit account, enter D.

Taxable - Enter whether or not this is a taxable account:

If it is taxable, enter Yes. If it is not taxable, enter No.

Currency - Enter whether the account is in Canadian or U.S. currency:

CAD = Canadian currency
USD = US currency

If the account is in Canadian currency, enter CAD. If the account is in US currency, enter USD.

Starting balance - Enter the starting balance of the account:

If the balance is on the credit side, enter a negative amount. If the balance is on the debit side, enter a positive amount.

The sum of the Starting balances column must be zero.

Main account settings

B = Default bank, usually 1020
BF = Current profit, usually 3150 (Net profit)
R = Default primary income, usually 4200
A = Default main purchase, usually 5200
C = Accounts Receivable / Receivable, usually 1200 (Will be 0$ when imported*)
P = Accounts Payable / Payable, usually 2100 (Will be $0 on import*)
EC = Customer discount for early payment and sales discount, usually 4240
EP = Vendor cash discount advance payment and purchase discount, usually 5240
PST = GST collected on sales (Payable), usually 2310
PST = QST collected on sales (Payable), usually 2340
GSTR = GST paid on purchases (receivable), usually 2315
QST = QST paid on purchases (receivable), usually 2345
AJ = Adjustment account

For example, if this is your default bank account, enter the letter B. If an account does not exist, you will have to create it even if you will never use it.

Group

HG = Group Header
SG = Subgroup account
TSG = Subgroup Total
GC = Group Account
TG = Group Total

Account codes must be unique.

Note: If you import a chart of accounts that contains an account code already existing in GEM-CAR, the account in GEM-CAR will be replaced by the account in your chart.

For example, you add a GST Paid account with code 1007 to your Excel chart. However, you did not realize that you already have a QST Paid account configured in GEM-CAR with the code 1007. When you import your chart, the QST Paid account will be replaced by the GST Paid account because they have the same code.