[GL] GL Chart of Accounts

Go to General Ledger>Programs>GL Chart of Accounts

Scroll to the bottom of the grid to create a new account

Assign a unique GL account number:

Typical structure for GL accounts:

1000s–Assets, 2000s–Liabilities, 3000s–Capital, 4000s–Income, 5000s–Direct Cost of Sales, 6000s–Equipment Expenses, 7000s–Indirect Cost of Sales, 8000s–Administrative Expenses

Assign the GL account name, may be up to 30 characters

Assign the account type: 

Asset (A), Capital (C), Expense (E), Header (H), Income (I), Liability (L), Memo (M), or Profit/Loss (P)

*Header accounts are used to identify a group of accounts on reports, may not be used for posting

**Memo accounts are used to record numbers such as hours or tons on a financial statement

***Profit/Loss accounts are used to store retained earnings from the previous year. The system automatically calculates by adding the income and expense accounts when the GL Beginning Balance Update is ran creating the next years beginning balance. May not be used for posting.

Assign the normal balance (Debit or Credit)

Asset=Debit (Accumulated Depreciation=Credit), Capital=Credit, Expense=Debit, Header=none, Income=Credit, Liability=Credit, Memo=none, Profit/Loss=Credit

Assign a summary account, summary accounts allow you to report at a summarized level

Mark the Account as Active, if box is unchecked you cannot post new entries to the account

Choose the interface detail. 

    Y-Interfaces transactions posted to this account from any of the subledgers with all details

    N-Interfaces transaction posted to this account with summarized detail 

Optional:

Subledger Code: Allows only certain type of entries. 

J-Job, E-Equipment, I-Inventory, C-Cash, P-Payables, R-Receivables, S-Service

For example, if assigned to E-Equipment any AP transaction must code to a piece of equipment.

Cross Ref Memo Acct: Interfaces payroll hours to the General Ledger, must specify a memo type account for every account to which earnings will be posted. When PR Ledger Update is ran, the system checks if cross-reference account exits for earnings account and will update labor hours to that account.

Reviewer Group: This will default each AP line referencing this GL account