GL Accounts

Kenandy provides a standard chart of GL accounts, but you can create additional GL accounts. You use general ledger (GL) accounts to record transactions relating to assets, liabilities, equity, revenue, and expenses.

ClosedPrerequisites

Before you create GL accounts, GL types must exist for them. To learn more, see GL Types.

ClosedCreate a GL Account
  1. From the GL Accounts page, click New.
  2. On the New GL Account page that is displayed, complete the appropriate fields.

    More information about some of these fields follows:

    • GL Account. Although you must enter a value in the GL Account field, this value is automatically overwritten, when you save the record, with the GL account number and GL account name that you enter, and you cannot change this default value.
    • GL Account Number and GL Type. If the GL type that you select is associated with a range of GL accounts, then when you save a GL account record with a GL account number that is not within that range, you see an error message, and you must change the GL account number or the GL type to proceed.

    To learn more about the GL Account fields, see GL Account Field Descriptions.

  3. Click Save.

Note: You can create a GL account from the GL Type detail page. To learn more, see GL Types.

What Comes Next

After you create GL accounts, you might set up accounting rules that use those accounts. To learn more, see Accounting Rules.

ClosedGL Account Field Descriptions

The following table lists the fields that Kenandy provides. Your system administrator selects the fields that are displayed on your user interface.

GL Account Page
Field Description
Accounting Range From

The number of the first account in the range of GL accounts that you can associate with the GL type for the GL account.
Accounting Range To

The number of the last account in the range of GL accounts that you can associate with the GL type for the GL account.
Active An indication of whether the GL account is active.
Balance Sheet Report Section Grouping The section grouping of the balance sheet that includes the amount in the GL account.
Cash Flow Financing The section (in the Cash Flow Financing section grouping of the cash flow statement) that includes the amount in the GL account.
Cash Flow Investing The section (in the Cash Flow Investing section grouping of the cash flow statement) that includes the amount in the GL account.
Cash Flow Operating The section (in the Cash Flow Operating section grouping of the cash flow statement) that includes the amount in the GL account.
Cash Flow Report Cash An indication of whether the GL account is included in the cash flow statement.
Cash Flow Section The section grouping of the cash flow report that includes the amount in the GL account.
Cash Flow Subsection The subsection grouping of the cash flow report that includes the amount in the GL account.
Contra Account

An indication of whether the GL account is a contra GL account.

A contra GL account is a GL account with a balance that is the opposite of the normal balance. For example, accumulated depreciation is a contra GL account because its credit balance is contra to the debit balance for an asset GL account.

Description A description or reference information for the GL account.
External Id An external ID that is used for data loading.
FX Type

The type of foreign exchange exposure for the GL account. To learn more about FX types, see Foreign Exchange.
GL Account A reference for the GL account. Although you must enter a value in this field, this value is automatically overwritten with the GL account number and GL account name that you enter for the GL account, and you cannot change this default value.
GL Account Name The name of the GL account.
GL Account Number The number of the GL account.
GL Account Unique The GL account number and GL account name for the GL account. This field is automatically populated with the GL account number and GL account name that you enter for the GL account, and you cannot change this default value. This field uniquely identifies the GL account.
GL Group A reference for the GL account. This value is automatically populated with the GL account number and GL account name that you enter for the GL account, and you cannot change this default value.
GL Type The GL type with which the GL account is associated. The GL account recognizes some attributes of its GL type, such the account type and the normal balance (debit or credit).
GL Type Code An external ID used for data loading.
Include in Budgets

An indication of whether you can enter budget amounts for the GL account when you create budget lines on the Budgets page.
Income Statement Section The section grouping of the income statement that includes the amount in the GL account.
Non Cash An indication of whether the GL account is a non-cash account.
Normal Balance

The type of usual balance for the GL account. Options include: Debit and Credit.
Order A number that indicates the order in which the GL account is displayed in the GL accounts view. By default, the GL account number determines the order in which the GL accounts are displayed. You can change this order by entering a number in this field for each GL account and then sorting the data in the GL accounts view by the Order field.
Parent GL Account Number

The account number of the parent account, if any, for the GL account.

On financial statements, such as the balance sheet, income statement, and trial balance, you can click an arrow icon to expand a report line for a parent account and show the child accounts that are included in it.

Kenandy recommends that you don't create accounting entries for parent accounts because such entries are displayed for the parent account, and not for the appropriate child account, in financial statements. Consequently, when you expand the parent account on a financial statement, some accounting entries are displayed for the parent account, and other accounting entries are displayed for the child accounts. Your financial statement analysis will be easier if the total parent account balance matches the total of all associated child accounts.
Reports The reports to which the GL account applies. You can select the AP/AR Aging value to indicate that the GL account is available for selection in the GL Account field of the AP/AR Aging report.
Report Section The section of the income statement or balance sheet that includes the amount in the GL account.
Report Sub Section The subsection of the income statement or balance sheet that includes the amount in the GL account.
Statement Type

The statement type for the account type of the GL type for the GL account. Options include: Income Statement, Balance Sheet, and None.

The field applies to version 4 (or earlier) of financial reports.
SubAccount of The account number and name of parent account, if any, for the GL account.
Type

The account type of the GL type for the GL account.

See Also

 

 

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Version: Spring 2017