General Ledger Accounts

General Ledger Accounts

General Ledger Accounts are setup for products to define receivable, pre-payment liability, write-off, cancellation, and discount transactions.  In addition, the general ledger accounts assign a payment priority within an order and define the tax categories used.  Details associated with this information should be defined with the Finance Manager.

The accounts are pre-populated on the Organizational Unit Maintenance.

From Product Central either search or create a new inventoried product.  Under the Product Definition screen task category, click the Define GL Accounts screen task.  The Product Maintenance | General Ledger Accounts screen will appear.

1. To define new accounts, click on the Define Accounts button.  Using the account chooser, update the following accounts and information.
   1. Begin Date:  Drop down defines the start date for the GL Accounts.  By default, it is marked as today.
   2. Accounts:  Using the Account Chooser select the appropriate accounts.

                                          i.    Receivable & Prepayment Liability

                                         ii.    Write-off Account/Cancellation Account

                                        iii.    Discount & Agency Discount Accounts

                                       iv.    Deferred Discount & Deferred Agency Accounts

1. 3. Taxable:  Checkbox that defines if the product is taxable for sales tax.  If this is checked and the product uses sales tax, select the tax category.  By default this box is checked.
   4. Tax Category:  Drop down that further defines how taxes are calculated.

2. Save  any changes made to the GL Account screen.