Adding, Editing & Deactivating a General Ledger Account Including Bank Accounts

Firm General Ledger accounts form part of “Chart of Accounts” shared with Trust Bank/s and Trust Liability accounts, impacting both the Financial and Trust reporting for the Firm.

Adding A New General Ledger Account:

1. Either click on “Firm and Financial” and select “Chart of Accounts” or “Maintenance” and select “Chart of Accounts”.

2.   Determine the type of account (Asset, Liability, Revenue or Expense) to be created.

3.   From the already existing series of account numbers, choose the next account number.

• For Asset Accounts - Account number starting with the range of “1000”
• For Liability Accounts - Account number starting with the range of “2000”
• For Equity Accounts - Account Number starting with the range of “3000”
• For Revenue Accounts - Account number starting with the range of “4000”
• For Expense Accounts - Account number starting with the range of “5000”
• For Client Expense Accounts - Account number starting with the range of “6000”

4.   Click on “New” to add a new General Ledger account.

•  Complete the following “New” General Ledger details as follows:
  
  

1. 1. Select the “Account Type” category i.e., Assets, Liability/Equity, Revenue or Expense. 
   2. Enter the “Account Number” – this field allows for 10 digits.
   3. Enter the “Account Name” – this field allows for 35 characters including spaces.
   4. “Account Settings”, select if this is a header account, transaction or total account.

• • • “Header Account” is used for the presentation purposes and to differentiate between the section like Current Assets and Fixed Assets.
    • “Transaction Account” is used for entering transactions (e.g. Petty Cash)
    • “Total Account” is used for sub-total or totals totaling sections on the financial reports (e.g. Total Current Assets). It is critical that these accounts include an accurate ‘start’ account from which to pull totals from. A “header” account is recommended.

        f.   Click on

5.   Adding A New General Ledger Bank Account:

1. 1.  Click “This is a bank account”
   2. Select whether this is “General” or “Trust” account
   3. Enter the “Bank Name”
   4. Enter the “Last Cheque Number Used”
   5. Enter the “Bank Transit Number”
   6. Enter the “Bank Client Number”
   7. Enter the “Bank Account Number "
   8.  Click on  

Editing an Existing General Ledger Account:

To edit or make changes to an existing General Ledger account, this is done in the Chart of Accounts. Navigate to the right of the General Ledger accounts to edit and click on , or and select “Edit”.

 Click on  to save your changes.

Deactivating an Existing General Ledger Account:

To deactivate an existing General Ledger account, this is done in the Chart of Accounts. Navigate to the right of the General Ledger accounts to edit and click on , or and select “Edit”.

1. 1. Untick “Account is active”.
   2.  Click on   to save your changes.