Standard list of general ledger accounts transactions
The general ledger stores your financial data, and the chart of accounts shows the accounts that all general ledger entries are posted to.
Finance and Operations, Business edition includes a standard chart of accounts that is ready to support your business. The setup of the general ledger is at the core of financial processes because it defines how you post data. In the General Ledger Setup window, you specify how to handle certain accounting issues in your company, such as:.
Similarly, in the General Posting Setup window, you specify how you want to set up combinations of general business and general product posting groups. Posting groups map entities like customers, vendors, items, resources, and sales and purchase documents to general ledger accounts.
You fill in a line for each combination of business posting group and product posting group. For more information, see Posting Group Setups. The chart of accounts shows all general ledger accounts. From the chart of accounts, you can do things like:. You can add, change, or delete general ledger accounts. However, to prevent discrepancies, you can't delete a general ledger account if it's data is used in the chart of accounts. You can personalize the structure of your financial statements by mapping general ledger accounts to account categories.
You can create new subcategories and assign those categories to existing accounts. Standard list of general ledger accounts transactions makes it easy for you to get an overview, because each grouping shows a total balance. For example, you can create subcategories for different types of assets, and then create category groups for fixed assets versus current assets. You can specify whether the accounts in each subcategory must be included in specific types of reports.
The account categories help define the layout of your financial statements. For example, the default balance statement has a subcategory for Cash under Current Assets. If you want the balance statement consider petty cash and checking, you can:. The next time you generate account schedules your balance statement will show a total balance for cash and two lines with balances for petty standard list of general ledger accounts transactions and the checking account.
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General Ledger Setup and General Posting Setup The setup of the general ledger is at the core of financial processes because it defines how you post data. In the General Ledger Standard list of general ledger accounts transactions window, you specify how to handle certain accounting issues in your company, such as: Invoice rounding details Address formats Financial reporting Similarly, in the General Posting Setup window, you specify how you want to set up combinations of general business and general product posting groups.
From the chart of accounts, you can do things like: View reports that show general ledger entries and balances. Close your income statement. See a list of posting groups that post to that account. View separate debit and credit balances for a single account You can add, change, or delete general ledger accounts.
Account Categories You can personalize the structure of your financial statements by mapping general ledger accounts to account categories. If you want the balance statement consider petty cash and checking, you can: Add two new subcategories.
One for petty cash, and one for your checking account. Specify the additional report definition Cash Accounts for these subcategories. Indent them under the Cash subcategory.
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