Standard Chart of Accounts

Standard Chart of Accounts 2017-05-23T21:39:32+00:00

Qvinci has patented technology that dynamically maps native account names in each file to a Standard Chart of Accounts for the purposes of consolidation reporting and benchmarking. This functionality allows each file contributor to continue to use their preferred account names while the corporate viewers benefit from standardized account names across all reports. Because the account mapping to the Standard Chart of Accounts is done dynamically, as files are synced, Qvinci reports can be viewed with account mapping turned on (Standard Chart of Accounts) or turned off (native account names). Our account mapping algorithm is a unique feature of Qvinci that helps customers to onboard quickly and see same-day results.

Mapping to a Standard Chart of Accounts

Aligning your locations’ accounts to a Standard Chart of Accounts is easy with Qvinci:

  1. Inside your Qvinci account, create a Standard Chart of Accounts.
  2. Whitelist known keywords for each standard account. For example – whitelist lease, leese, rent, and building costs to automatically map to Lease; whitelist fix, repair, paint, plumbing, etc. to map to Maintenance.
  3. After syncing native files, look for unmapped items (misspellings, unique account names, etc.) and add them to the account map inside Qvinci. Re-sync and repeat until all items are mapped.

Account mapping is a one-time process. If new accounts are added that do not contain whitelisted keywords, this data will be reported as “unmapped”, alerting consolidated report viewers that some line items are not being rolled up properly.

Qvinci’s account mapping accommodates five levels of parent/child relationships (hierarchy). At the top level, the accounts are: Income, COGS, Expense, Other Income, Other Expense, Bank, Accounts Receivable, Other Current Asset, Fixed Asset, Other Asset, Current Liability, Credit Card, Accounts Payable, Other Current Liability, Long Term Liability, Other Liability, and Equity.