Setting up the General Ledger

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1.All of the general ledger account numbers are set up using the Chart of Accounts option from the Ledger menu. The chart of accounts must be set up prior to setting up any other module.  AccuBuild has built-in company templates that can be used when setting up a new company.  The templates install a variety of master lists including the chart of accounts and all of the property settings in all of the modules which dictate how the modules interface with the general ledger.  Please refer to the New Company Setup in the System Administrator manual for more information on company templates.

 

2.Balances need to be entered that represent the ending balance as of the prior fiscal year for each balance sheet account.  In the chart of accounts, edit each balance sheet account and enter the beginning balance in the 'Prior Year's Balance' field.  An alternate method for establishing the beginning balances is to enter a Post Closing Journal entry dated the last day of the prior fiscal year.
3.The Properties options in the other modules dictate how the modules interface with the general ledger.  The Properties option in the Ledger module holds the retained earnings account that will be used to post the net profit or loss when the fiscal year end is closed.  Closing the fiscal year is performed through the System Administrator > Month End option.