All accounts used in the preparation of the balance sheet, income statement, statement of equity, and all accounts that management needs for planning and control purposes should be included in your Chart of Accounts. TEAM recommends that you number the general ledger numbers in minimum increments of at least 10. This leaves room for expansion in the number of accounts.
You may want to review the following topics before setting up the Chart of Accounts:
At a minimum, you must set up the following accounts to complete your module default screen.
To add an account, do the following:
- From the General Ledger menu, click Chart of Accounts.
- Click the asterisk to open the grid.
- Enter the General Ledger account number to use for this account. This number must be unique.
- Enter a Description to use for this account.
- Select the account Category (Asset, Liability, Income, Expense)
- Verify that the Active check box is selected.
- Type or select the Account Type you want to use. To add a new Type, double-click in the Type field, or enter a new Type and then press Enter.
- Enter any Notes that are pertinent to this GL account.
- Click Close to save the Chart of Accounts.
To add beginning balances in the General Ledger, see Entering Beginning Balances in the General Ledger.