One of the key features of an Oversight account is the ability to create and standardize a Chart of Accounts (CoA) across all subsidiary organizations linked to the account. This feature is especially beneficial for CPAs and financial professionals who manage multiple organizations and want to maintain consistency in how financial data is organized across their entire portfolio.

Why Standardize Your Chart of Accounts?

Standardizing the CoA allows you to ensure that all subsidiaries follow the same accounting structure, which simplifies financial reporting, auditing, and analysis. Once a standard CoA is set up in the Oversight account, any new subsidiaries added to the account will automatically receive the same CoA. However, it’s important to note that existing organizations will not be affected by changes made to the CoA and will need to be updated individually if required.

For CPAs managing multiple organizations, this ensures that all new subsidiaries will automatically use the standardized CoA, while allowing flexibility for customization in specific organizations as needed.

Key Points:

• New Subsidiaries (created from the oversight dashboard): Will automatically inherit the CoA tied to your Oversight account.
• Existing Subsidiaries (connected to the oversight account after creation): Will not automatically receive the new CoA, and manual updates are required for these organizations.
• Customization: New subsidiaries can customize or delete parts of the CoA to meet their specific needs.

How To Create Your Chart of Accounts

To get started with creating a CoA in Oversight, follow these steps:

• Navigate to Fund Accounting:

  • Go to Fund Accounting -> Accounts -> Accounts List.
  • This will take you to the CoA page, where you can start adding and managing accounts.
    
  • to learn more about account set up check out this resource

How To Lock Down The Chart of Accounts

If you would like the chart of accounts you create in the oversight to not be editable on the subsidiary accounts it will apply to, follow these steps:

1. Navigate to the three settings cogs at the top of the chart of accounts page
2. check the box "lockdown"
   

Afterward, a subsidiary will not be able to edit the CoA anymore. You will be able to export the CoA as well and format it as desired. If a subsidiary would like to make future changes, they will have to contact the Oversight administrator.