When adding an account in General Ledger, you specify the following information:
- Account number
- Account description (name of the account)
- Account structure (account segments used in the account number)
- Account status
- Active or inactive
- Account type (Balance sheet, income statement, or retained earnings)
- Account allocation instructions (if you want to reallocate the account balance)
- Currency information for the account (in multicurrency ledgers)
- Normal type of account balance (debit or credit)
- Whether to close by segment code (if it is an income statement account)
- Whether to post all details to the account in detail, consolidate them, or prohibit them
- Whether the account is a control account
- Whether to maintain quantity information for the account
- Whether the account is a rollup account or a member of a rollup account
For more information about these options, see G/L Accounts Screen.
General Ledger also stores the following information for each account:
- Amounts that reflect the actual monetary transactions of the company
- Amounts that have been provisionally posted to accounts
- Optional quantity information, such as number of units sold or purchased per fiscal period
- Budget information