General Ledger > Adding and Maintaining Accounts > Adding Accounts > Adding a New Account

Adding a New Account

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About Optional Fields in General Ledger

G/L Accounts Screen

Adding Account Balances and Quantities to a New General Ledger

Assigning Optional Fields to an Account

You must assign an account structure code to each new account. The account structure code verifies the account number when you enter it, and determines how the number is displayed in windows and printed on reports.

You set up segment validation rules using the G/L Segment Codes screen.

ClosedBefore you start

Determine:

  • The account number and description (name) of the account.
  • The account structure code.
  • The account type, and normal account balance (debit or credit)
  • The account group in which the account belongs, if account groups are used for the company.
  • Whether to post transactions in detailed or consolidated form, or to prohibit posting to certain accounts.
  • Whether to close an income or expense account to an account specified for a particular account code segment.
  • Whether this account is to be used as a control account for a subledger, and if so, for which subledger.
  • Whether to reallocate the account balance to other accounts on a regular basis, and if so, to which accounts and in what proportions.
  • The currencies in which to enter transactions for the account (if you have a multicurrency ledger).
  • Whether to store additional information for the account by using optional account fields.
  • Whether to keep optional fields with transactions you post to the account.
  • Whether to maintain quantity data for the account, and, if so, the unit of measure to use.
  • Whether to roll up accounts, and which accounts can be rolled up.

To add a new account to the General Ledger:

  1. Open General Ledger > G/L Accounts > Accounts.

  2. In the Account field, type the new account number, and then press the Tab key.

    You can type account numbers with or without the delimiter character used to separate account number segments.

  3. Enter a description for the account.
  4. Fill in the fields on the Detail tab, as follows:
    1. If you have more than one segment in your account numbers, use the Finder for the Structure Code field to choose the account structure that matches the segments in the account you are adding.
    2. In the Normal Balance field, specify whether this account normally has a debit or a credit balance.
    3. In the Account Type field, select Income Statement, Balance Sheet, or Retained Earnings for this account.
    4. If you use account groups, use the Finder for the Account Group field to select the account group.

    5. In the Post to Account field, select Detail, Consolidated, or Prohibited.

      Note: You cannot post to a prohibited account.

  5. Select the following additional options on the Details tab, and fill corresponding tabs, as needed:

    1. If you want to allocate balances from this account automatically, select the Auto Allocation option, and then fill out the Allocation tab that appears.

      Important! To allocate balances by quantity, you must also select the Maintain Quantities option for all accounts associated with the account allocation, and ensure that they all use the same unit of measure.

    2. If this is a control account, select the Control Account option. Then, on the Subledger tab that appears, specify the subledgers that use the account.
    3. If this is a multicurrency account, select the Multicurrency option. Then, on the Currency tab that appears, specify:
      • The currencies that can be posted to the account.
      • Whether the account is subject to revaluation.
    4. To designate an account as a rollup account, select the Rollup option. Then add member accounts on the Rollup tab that appears. (For more information, see Adding a Rollup Account.)
  6. If you use optional fields:
    • Use the Optional Fields tab to specify the optional fields to use for additional information you want to store with the account.
    • Use the Transaction Optional Fields tab to specify the transaction optional fields and their default values to use in details you post for this account.
  7. When you have finish adding required information on all the tabs, click Save.
ClosedAfter adding a new account
  • If you are setting up the General Ledger, and have added all your accounts, you should now add previous year balances.

Last published: 4/8/2016