General ledgers are the core of the business accounting structure, and play a major role in how the business operates. The way a general ledger is set up can reflect exactly how the business is running in financial reporting at any point in time. If the general ledger is set up incorrectly, it can cause problems later on, and there are certain areas within the general ledger that cannot be changed once there are entries.
It is advisable to seek help from the company's accountant when setting up the general ledger.
Right click on any general ledger account to bring up the Account inquiry option. Selecting this option will run an account inquiry using that account number. Selecting Budget will open the Budgets screen from Management on the ribbon.
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There are three account types: Header, Control and Detail: ▪A Header account is a general ledger account that summarises and combines all of the subsidiary (Control/Detail) accounts under that Header account. For example, in the above image, the bold 1-1301 SOH Sales is a Header account and shows the total of all the subsidiary accounts beneath it. The non-bold 1-13 accounts indented under it are Control or Detail accounts. ▪Control accounts cannot be journalled to. ▪Detail accounts can be journalled to or selected in cheque book transactions, however not in an expense order. |
It is easy to edit the layout of the general ledger by clicking Edit Layout, choosing what to change, then using the green up and down arrows to move it.
Further information
Automatically Calculated Accounts
How to
Edit the General Ledger Layout