[GL] Setting up Financial Statement Reports

There is some basic set up to use the Income Statement & Balance Sheet within the GL Reports Module. 

Creating your New GL Account

Begin by accessing the GL Chart of Accounts module from General Ledger >> Programs.

1. Open the GL Chart of Accounts form.

2. Enter a New GL Account Number in the range of your GL Accounts assignments.

3. Enter a Description of up to 30 Characters that will appear on your Financial Reports.

4. Check the Active box if this is an active GL account. Leave this box unchecked if this GL Account is inactive or remove the checkmark if you no longer desire to use this GL Account. (Note: You cannot post new entries to inactive accounts.) 

5. If the Interface Detail field is selected, transactions interfaced to this account will include the greatest level of detail available. If you leave the checkbox blank, the level of interface summary is controlled within the company file of each module for each company. Refer to the online help for each application for the detail level specifics.

6. Enter the Account Type.

• A = Asset
• C = Capital
• E = Expense
• H = Header (no posting)
• I = Income
• L = Liability
• M = Memo (balances not included in standard report totals)
• P = Profit/Loss (use only once, for retained earnings account)

7. Indicate the Normal Balance Type as either Debit or Credit. This field is not available for GL accounts with an Account Type of H (Header).

8. A Sub Ledger Code should be assigned if this account should only be used when posting to certain types of entries, specify the entry type; otherwise, leave blank. The S-Service sub ledger code only applies to accounts used for work completed labor, miscellaneous, and purchase lines on an SM work order. Accounts used for work completed equipment lines must have a subledger code of null or E-Equipment, and accounts used for work completed inventory lines must have a subledger code of null or I-Inventory. Your Sub Ledger Codes are limited to the following options:

• J-Job
• E-Equipment
• I-Inventory
• C-Cash
• P-Payables
• R-Receivables
• S-Service

Setting up Balance Sheet and Income Statement: 

1.        Go to GL Account parts, make sure the new GL account is copied over into an instance with the right GL # and GL Name

2.         Inside of GL Account Parts, Add Major Category to new account

3.         Go To GL Report Categories, select the proper major category and then select the minor category tab. 

4.         Add a new minor category with the Company Number and GL account (Co 1, GL 1010 becomes 11010)

5.         Add the balance sheet and/or income statement order

a.         Balance sheet GL Accounts

i.           Balance sheet order: GL Account #

ii.         Income Statement order: Blank

b.         Income Statement GL Account:

i.          Balance Sheet order: Always 4000 (this makes a current year income loss line item on the balance sheet)

ii.         Income Statement order: GL Account #

6.         Once you have created the Minor Category inside of the Major category, go back into GL Account parts and update the Minor category with the new one you created.