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General Ledger Chart of Accounts
Description: The Chart of Accounts summarize values for financial reporting.
Operation: The only information that is required for an account is a description.
Optionally, you can enter:
  • An account number to make selecting accounts easier.
  • The typical balance, so negative balances can be highlighted in reports.
  • A section sub-total flag indicating that this account is the last in a group on the Trial Balance and Worksheet.
  • A counter balance account to make entering paired accounts easier to enter. (For Example, Accumulated Depreciation and Depreciation Expense)
  • An auto-distribution code to automatically distribute amounts in Journal entries.
  • Whether to close this account at year-end (ie., Expense or Income accounts).
  • Set this account as discontinued (To phase out an account that may still have active postings).

To display the transaction detail for an account, click on the Detail (Account Inquiry) button

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