Accounting: How to set up a GL Account Code How to add a new GL account to your Chart of Accounts. Sharon Mulligan
A GL account is your General Ledger account which records the postings from all your financial transactions. Enterpryze has a predefined list of GL accounts assigned to your localisation which you can amend or add to depending on your business/Accounting needs, your Accountant can advise you further on any changes you may require. Your GL accounts will determine the output of your Financial Reports.
This is all maintained under the Chart of Accounts option in your Finance menu. Your Chart of accounts is made up of several drawers (categories) that each GL account will fall under depending on if the account type is an Expense, Revenue, Asset or Liability (Other).
There are up to 5 levels available which consists of the Drawers, Parent accounts and Active Accounts.
Note: Once a GL account has been added it cannot be removed.
To add a new GL account, click on Finances – Financial Reports – Chart of Accounts
Click on Add Account
Select the Account category from the list of 8 drawers
Select the Parent Account where this GL account will belong under, if the Parent account does not already exist in your list you can add a new one now by clicking the plus sign + on this line
Enter an account code, check your existing coding for that category to get next number in the sequence
Enter a Name for your account
Select the Account Type is it Sales, Expenditure or Other as mentioned above
Tick box to indicate if any of the following is true:
Control Account: this sets the account as a Control Account which you cannot manually post to, this is only relevant to Asset and Liability accounts. Examples of control accounts are Tax, Debtors or Creditors Liability. Always check with your Accountant.
Cash Account: tick this box for balance sheet accounts that hold movement of money such as Cash funds/Bank Accounts. You can also set the Currency for a Cash Account.
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