Adding or Editing a G/L Account or Bank Account

General Ledger Account is a part of chart of accounts of the company and impacts the reporting of the firm. Please consult your accountant for opening and mapping any new GL Account.

Steps:

1. Click on Firm and Financial 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.
4. For Assets, Account number should start with the range of 1000.
5. Account number starting with the range of 2000 is Liabilities.
6. Account Number starting with the range of 3000 is equity
7. Account number starting with the range of 4000 is revenue
8. Account number starting with the range of 5000 and 6000 is expense.
9. Click on New and select the account type.
10. Enter the account number and account name.
11. Account number can be 10 digits long.
12. Account name could be of 35 characters including space.
13. Under account settings, select if this is a header account, transaction or total account.
14. Header Accounts are used for the presentation purposes and to differentiate between the section like current assets and fixed assets.
15. Transaction accounts are used for posting the transactions.
16. Total Accounts are used for presentation purposes but it shows the total of the section, like total assets, total liabilities.
17. Check the box “Account is active”.
18. If this is the bank account, click on the check box (This is a bank account).
19. Select whether this is trust or general account.
20. Enter the bank name (used on the deposit slip feature).
21. Enter the bank transit number (used on the deposit slip feature).
22. Enter the bank account number (used on the deposit slip feature).
23. Enter the last cheque number used.
24. Click on Save and Close.