You can create new GL Accounts in Accounting Seed at any time. GL Accounts can also be imported with templates. See the Import Templates knowledge article.
- Navigate to Accounting Home and under General Ledger Setup, click General Ledger Accounts.
- On the GL Accounts page, click New.
- On the New GL Account screen, enter a Name, Type, Sub Type 1, Sub Type 2, and Expense Report information.
- Click Save.
- GL Account Name – Type in the desired account name using the recommended naming convention from above.
- Type – Options for type are Revenue, Expense, or Balance Sheet. Accounting Seed does not support adding your own values.
- Sub Type 1 - Dependent on Type. Used in grouping reports. See Managing Sub Types article for default values. Accounting Seed does support adding your own values for revenue and expense accounts, but not balance sheet accounts. Balance sheet accounts MUST have a value of one of the following:
- Owners Equity
- Sub Type 2 - Dependent on Sub Type 1. Used in grouping reports. See Managing Sub Types article for default values. Accounting Seed does support adding your own values.
- Active - Denotes if the GL Account is active. Most filtered lookups to the GL Account object look for an active status. If an account is no longer being used make sure to uncheck the active checkbox so it will not appear in GL Account lookups.
- Bank - Select if the GL Account is a bank or credit card account such as your checking account or corporate American Express. This indicates if the GL Account is a Bank GL account and can be selected to record Cash Receipts, Cash Disbursements and use the Bank Reconciliation.
- As of the Geranium release, a GL Account safeguard prevents checking or unchecking the Bank checkbox if there are associated transactions and financial cubes.
Expense Report Settings
- Used in Expense Reports - Select the "Used In Expense Reports" checkbox if the account will be used in expense reports. Some examples are travel, meals & entertainment, and mileage accounts. When expense reports are created, the filtered lookup will show all the accounts with this checkbox checked.
- Expense Report Name - This is a friendly version of the GL Account name that is displayed for users entering expense reports in the expense report entry screen.
- Mileage Account - Select the checkbox if the account is a mileage expense account. If it is a mileage account, make sure to enter a mileage rate in the mileage rate field.
- Mileage Rate - If the GL Account is a mileage expense account then enter the mileage rate here.
NOTE: The standard IRS mileage rate can be found at this link.
Best Practice: The mileage rate should be updated annually.
- Billing Description - This is an alternate name for the GL Account when used in Billings to display a more customer-friendly description of the GL Account. This feature is only applicable to Revenue GL Accounts.
- Time and Expense Revenue Conversion - This field is relevant for expense transactions used in Time and Material Billings. This GL Account assignment maps the expense to the proper Revenue Account when processing expense transactions for Time and Material Billings.
- A GL Account safeguard prevents checking or unchecking the Bank checkbox if there are associated transactions and financial cubes.