General Ledger > Chart of Accounts > Set Up GL Account Record

The creation of GL Account ID involves the following key features:

•Your GL Account ID must have the values for the major segment and each minor segment that you defined when you created the company.

•If the GL Account ID is being created for a fund accounting company, it must also have a fund segment value assigned.

•The order of the segments for your GL Account IDs must be consistent with the order you defined for these segments when you created the company.

•You may use either the same major or minor segments for different accounts but not both at the same time since no two GL Account IDs can be identical.

Example: A Utilities account can be classified into Utilities–Finance and Admin. with GL account ID “805000-A01-00”, Utilities-Production-Project A with GL account ID “805000-A02-01” and Utilities-Production-Project B with GL account ID “805000-A02-02”.

•You can redefine the GL account segments even after you have used them to create your chart of accounts and have posted transactions to these accounts. The actual changes you can make to the account segments are limited when transactions and balances have already been posted to the accounts.

To set up a new GL Account record in AccountMate, perform the following steps:

1.Access the Chart of Accounts Maintenance function from the Maintenance main menu. The system will automatically display the New screen if there are no GL account ID records; otherwise, the Search screen is automatically displayed. Click the New button to set up a new GL account ID.

2.Enter in the Account ID fields the major segment and applicable minor segments in the appropriate fields. Alternatively, you may click the List box button to choose from the list existing segment values available. The List box will display all the records available for each segment in each field.

If the GL account ID entered does not exist in the system, the rest of the fields and pages in this function will be enabled. AccountMate will automatically display default values in some of these fields.

Note: The default values in the Account Group ID, and the fields in the Major Segment Details section are defined in the major segment record you specified in the Account ID field. Or review or amend these default values, access the major segment record in the Account Segment Values Maintenance function.

3.Enter in the Description field a description of the GL Account ID. The default description is concatenated from the short description set up for each segment value selected. You can accept or change this default description to distinguish the GL Account ID from other accounts, signify its uses and its association to any division, department and/or project, if there is any.

4.Enter a brief description of the GL account ID in the Short Description field.

5.In the Information Page, set up the account's status and type. You may also amend the assigned account group ID, if necessary.

6.If you chose Fixed Allocation as the Account Type, the Fixed Allocation Page is automatically enabled. For instructions on setting up values for your fixed allocation GL Account ID, refer to the Fixed Allocation Page.

7.If you chose Variable Allocation either by period balance or period change as the Account Type, the Variable Allocation Page is automatically enabled. For instructions on setting up values for your variable allocation GL Account ID, refer to the Variable Allocation Page.

8.Click the Notes Page to add whatever relevant notes you may want about each GL Account ID.

9.When you are ready, click the Save button to save your entries; otherwise, click Cancel.

Set Up GL Account Record

Set Up GL Account Record

See Also