Creating General Ledger Accounts

To create a new general ledger accountThe general ledger will normally include general ledger accounts (GLAs) for items such as income, expenses, assets, liabilities, and reserves.:

1. Click the General Ledger Accounts tab.
2. Click New next to Recent General Ledger Accounts on the home page.
3. Specify the name.
4. Click the lookup icon to search for and select the chart of accounts structure this GLA belongs to, if your org needs to produce financial reports for more than one statutory body.
5. Specify the reporting code.
6. Specify a currency to use with this general ledger account. This is normally the same as your home currency.
7. Select a type of general ledger account from the drop-down list. See the list of related topics for more information.
8. [Optional] Choose which GLA group the account belongs to: Accounts Receivable, Accounts Payable, Cash or None. Periods can be closed to some GLA groups but left open for others. If you prefer not to use GLA groups, a period is open to all general ledger accounts until you select its Final Close checkbox.
9. Set up a reporting hierarchy. See What is a Reporting Hierarchy? for more details.
10. [Optional] In the Cash Flow Analysis section, enter default values used to adjust and group data on a statement of cash flows report. See Setting up a Statement of Cash Flows for more details.
11. When you have finished, click Save. You can also click Save & New to save the changes to the current record and then immediately begin to create another.