This guide will give you an insight on how to add a new GL code. It will go through:
- Setting up a General Ledger Account window
- Various Different Settings within the General Ledger Account window
- A detailed step-by-step guide on how to add a new GL code
Step 1: Opening the General Ledger Drill Down Window
Click on the General Ledger button to open the General Ledger Drill Down window. The button is located on the top bar and looks like a folder with ‘GL’ inside of it. Below is a preview of the General Ledger Drill Down and what it should look like.
A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports. Each account is a unique record summarising each type of asset, liability, equity, revenue and expense.
Step 2: Selecting the total line
Make sure that you are highlighting the total line of the folder that you want the new card to be added within.
Another thing to consider would be what code you would want to give that general ledger code. Every time you click on a general ledger code, it’s code is shown at the bottom left of the ‘General Ledger Drill Down’ window. It is advised to leave a gap between these general ledger codes in case another code is needed to be added in the future.
Step 3: Open ‘Add General Ledger Account’ window
Once you have highlighted the total line that you want to add the new code in, right click and then select ‘Add’.
Step 4: Setting a G/L Code
Set a General Ledger code. Be mindful about it falling within the whole process that you are using. The general ledger code is a key identifier so it will have to be unique.
Step 5: Setting an Alternative Search Code
An Alternative Search Code can be set if wanted. This is not required.
Step 6: Setting a Description
Give a description as to what this new GL Code will be.
Step 7: Setting a code type
Specify a type that will match your new GL code.
Step 8: Setting the Currency
Specify a currency in which will be used with this new code.
Step 9: (Optional) Setting Carry Forward To
The ‘C/Fwd to:’ box is used for carry forward general ledger codes. It is advised for advanced used for adding a carry forward general ledger code.
Step 10: (Optional) Setting Page Break
The ‘Page Break’ tick box is used then your balance sheet and your profit and loss reports will force a page break after this general ledger code is displayed.
Step 11: (Optional) Setting Inactive A/C
Inactive account means that this general ledger code is inactive and you no longer will able to post to it.
Step 12: (Optional) Setting Revalue
Revalue means that this general ledger code will be available to revalue as part of the currency evaluation process.
Step 13: (Optional) Setting Force JC
Force JC means that if you select this general ledger code on a transaction line then you will be forced to enter a job code. This is mainly used for your job costing module.
Step 14: Adding the code to the General Ledger
Once you have clicked ‘Ok’, the ‘Add General Ledger Account’ window will close. Once this has closed, check that your code has been added successfully.
This code can be deleted but only if there is nothing posted to it. If a code is to be edited then it can be done by right clicking on the code you want to edit, going to ‘Records’ and then finding the ‘Edit’ option in the menu.