What is the HQ Chart of Accounts template feature?
The HQ Chart of Accounts template gives National Headquarters users the ability to create and manage ledger accounts and default ledger accounts settings across their child/secondary organizations. The shared Chart of Accounts also allows for consistent and succinct financial reporting across their organizations.
The headquarters has tools to set up and easily maintain a synced Chart of Accounts across their child/secondary organizations. The synced Chart of Accounts make it is easy for the chapter to adhere to the Chart of Accounts requirements set forth by their national headquarters.
How does the HQ Chart of Accounts template work?
When an organization is created, and is assigned to a parent/primary organization, the child/secondary organization inherits the HQ Chart of Accounts template instead of the standard LegFi template. Chapter Admins automatically have the Chart of Accounts recommended for use by their headquarters as a starting point when they on-board with LegFi.
What is Chart of Accounts Syncing?
When a parent/primary organization has an HQ Chart of Accounts template in place, there is an additional optional setting, called Syncing. Syncing ensures that the Chart of Accounts of their child/secondary organizations are the same. When sync is turned on, the child/secondary organization no longer have the ability to edit the Chart of Accounts and default Ledger Accounts.
How does syncing get turned on?
If a parent/primary organization decides to implement the Chart of Accounts sync across their organizations, they must work with the LegFi team. The LegFi team will work with the development team to ensure the Chart of Accounts across all the child/secondary organizations matches, then the development team can turn on the Sync setting.