Alternative chart of accounts

Alternative chart of accounts is secondary grouping of account that is generally used for statuary reporting. For example you might have a company chart of account but due to statutory nature (for countries like Russia and China to name a few), you have to report your account activity in an account range that has been provided by the company stature. In this case you have a primary chart of account as explained above and alternative chart of account. Postings should always be made in the primary chart of account and in the GL account setup these primary accounts should be associated to alternative chart of accounts. This way updates can be made to both primary and alternative chart simultaneously.