Add General Ledger Accounts
After mapping out your Chart of Accounts on paper and setting up headings and subheadings, it's time to add accounts.
An account is a record of financial transactions for one specific portion of an organization, which shows inflow and outflow of dollar amounts. Each asset, liability, or source of revenue should have its own account.
Accounts provide a view of your financial history and allow for future planning.
An organized chart of accounts makes it easy to locate an account in the general ledger. Matching the first character in an account number with the account type is one way to organize accounts.
You can organize and number individual accounts, which helps classify the accounts by type and makes transaction entry quick.
You can design any account number structure, or account mask, according to your preferences.
- Under Manage Records, click the Chart of Accounts tab.
- In the drop-down list, select Add Account and click Go
.
- Enter an Account Code and Account Name.
- Select the account heading where you want the account to display.
- Select Funds, Departments, Committees, and Areas as necessary.
- If this is a checking account, select Checking. Then, select the bank account associated with the checking account.
- If necessary, click Comment to enter any comments about this account.
- To continue adding accounts, select Add Another.
- Click OK.