Maintain: General ledger account
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[Finance: Ledger, Master data, Maintenance, General ledger accounts]
General ledger account
Enter a numeric code and description for the general ledger account that you want to create. The length of the code can be set up in [Finance: File, Company settings, Financial preferences].
General tab
Search code
Enter a unique code to be used when searching for the general ledger account that you are creating.
Subtotal account
Select the options to define whether this general ledger account is a subtotal account. There are three options available:
- {Empty}- this general ledger account is an empty account
- {No} - this general ledger account is not a subtotal account
- {Yes} - this general ledger account is a subtotal account
Balance sheet / Profit Loss
Select to determine whether the balance of an account is transferred to the balance sheet statement or to the profit and loss statement.
Debit/Credit
Select to determine whether the balance of the account should go to one of the debit categories (e.g., assets or expenses) or one of the credit categories (e.g., liabilities or revenue).
Type of account
This field is important for VAT completion in the cash and bank journals. In those journals, the type of account determines whether a VAT amount should be entered in the 'VAT to pay' or the 'VAT to claim' account. Select {Turnover account} if the VAT amount should be entered in the 'VAT to pay' account by default. Select {Cost account} if the VAT amount should be entered in the 'VAT to claim' account.
If you select {Neutral account}, the VAT on positive amounts will be considered as VAT to pay and the VAT on negative amounts will be considered as VAT to claim. When you make entries in the cash or bank journal, it is essential to know the type of account to avoid errors. This is particularly important when you enter credit notes.
! The setting above does not apply in the purchase, sales and general journals. In the purchase journal, the VAT amount is always entered in the 'VAT to claim' account, whereas in the sales journal it is always entered in the 'VAT to pay' account. In the general journal, VAT entries should be made manually.
VAT code
VAT codes are used to facilitate working with VAT entries and VAT returns. A VAT code contains data on the VAT percentage used, the accounts in which the VAT amounts calculated should be entered and whether amounts entered (e.g. invoice amounts) are inclusive or exclusive of VAT.
Select the VAT code that should be used as the default for entries in this general ledger account.
Sub-classification
Sub-classifications are used to group general ledger accounts in order to be able to produce classified balance sheets. Select the sub-classification to which this general ledger account belongs.
Allocation: Period
Enable this setting if you want to allocate the amount of one invoice over more than one period. If you have enabled this setting, you will be asked to enter a period allocation account.
Period allocation account
Select a general ledger account that you want to use as the period allocation account. This period allocation account will function as a suspense account used for the period allocation.
Percentage non-deductible VAT
Enter the percentage of non-deductible VAT. When a financial entry is entered with this general ledger account, the non-deductible VAT percentage will be applied to the VAT percentage indicated in the VAT codes maintenance. This setting is available only when you have defined the 'Country functionality' as {Belgian} during new company creation.
Non-deductible VAT account
Enter the general ledger account that used to record the non-deductible VAT when a financial entry is processed. This setting is available only when you have defined the 'Country functionality' as {Belgian} and the percentage of non-deductible VAT has been specified.
Type of purchase VAT return
This setting is available only when you have defined the 'Country functionality' as {Belgian}. You can select from the following options to indicate if and how the VAT applicable to this general ledger account will appear on the VAT return. There are 5 options available:
- {Always update VAT return} - Select this option if you want only the VAT to be appeared on the VAT return. The basic amount on which the VAT is calculated will be omitted on VAT return.
- {Do not update VAT return} - Select this option if you do not want the VAT or the basic amount on which the VAT is calculated to be appeared on the VAT return.
- {Goods (box 81)} / {Investments (box 83)} / {Services (box 82)} - Select either one of these options to indicate the specific types of boxes on the VAT return.
Options tab
Cost center account
If you enabled this setting, you can make entries in cost center by using this general ledger account. This means that the amount entered in a general ledger account can also be entered in a cost center during entries making.
Cost unit account
If you enabled this setting, you can make entries in cost unit by using this general ledger account. This means that the amount entered in a general ledger account can also be entered in a cost unit during entries making.
Project account
If you enabled this setting, you can make project entries for this general ledger account. When you make entries in this general ledger account, you will be asked for details on the project which it relates to.
Project result type
You can decide the project result type (entry) in which you want to use this general ledger account for. There are 4 options available: {Expense entry}, {Neutral entry}, {None} and {Revenue entry}.
Asset account
If you enabled this setting, this general ledger account will be used as an asset account. When you make an entry in purchase journal by using this general ledger account, you will be asked for the relevant asset data.
Revalue
Amounts in foreign currency accounts are displayed in the default currency calculated using the exchange rate. Foreign currency accounts should be revalued from time to time. All general ledger accounts for which you have enabled this setting will be included in the automatic revaluation. General ledger accounts that should be revalued include foreign debtor and creditor accounts, foreign accounts, and foreign currency bank accounts.
! Only balance sheet accounts can be revalued since only these accounts represent assets or liabilities, the value of which may change.
Compress
If you enabled this setting, entries that are in the same accounts will be compressed into one transaction per posting number (assigned per journal and period).
The way on how transactions are compressed on the posting report is depends on the option that you have defined in 'Report compression' on the 'Process' tab in [Finance: File, Company settings, Financial preferences].
Quantities
If you enabled this setting, you can enter quantities (as additional information) when you make an entry by using this general ledger account
Block
If you enabled this setting, the general ledger account is blocked. You cannot use this general ledger account when making entries directly into a journal. However, entries in this general ledger account can still be generated from other Exact packages such as Exact Project.
Multi-dimensions tab
If you want this general ledger account to be a multi-dimensional general ledger account, enable this setting. When you make entries, you have to choose from a list of dimensions. These can be anything that will be useful to you in managing your accounts e.g. countries, cities. You can define up to five dimensions in [Finance: File, Company settings, Dimensions]. Then you can specify as many items within these dimensions as you want in the sub-menu functions of [Finance: Tables, Maintenance, Dimensions, *].
Example
If you want to specify items for dimension 1, you can do this in [Finance: Tables, Maintenance, Dimensions, Dimension 1].
Notes tab
Enter/Delete any additional information that you want to include for this general ledger account by clicking the 'Add' or 'Delete' button.
Properties tab
You can link properties that have been created in [Finance: Tables, Maintenance, Properties] to a general ledger account and give them a value. Only properties created for the 'G/L accounts' entity type can be linked to a general ledger account. You can click the 'Add' button to link properties to the general ledger account or 'Delete' button to delete the properties. The availability of columns for you to enter information is dependent on the type of property selected.
Documents tab
You can click the 'Add' button to link documents to the general ledger account or 'Delete' button to delete the documents.
Matrix for data entry
Category code: External
Select an external category of the document to be linked to the general ledger account. You can create external categories in [System: Setup, Documents, External categories, Maintenance].
Description
Enter a description of the linked document, if required.
Path: Complete
Enter the full path or URL of the document. The path in the 'Fixed location' field on the 'General' tab in [System: Setup, Documents, External categories, Maintenance] if defined, will be filled in by default. Then you will only need to enter the remaining path.
See also:
[Finance: Ledger, Master data, Reports, General ledger accounts]
Finance Manual >
Contents > Creating classifications, general ledger accounts and general ledger links > Creating general ledger accounts >
[Finance: Ledger, Master data, Maintenance, General ledger accounts]
| Main Category: |
Support Product Know How |
Document Type: |
Online help main |
| Category: |
On-line help files |
Security level: |
All - 0 |
| Sub category: |
Details |
Document ID: |
17.991.328 |
| Assortment: |
Exact Financials
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Date: |
13-02-2009 |
| Release: |
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Attachment: |
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| Disclaimer |