Summary: This article will explain how to use the global GL Accounts screen and how to create new GL Accounts.
About the GL Accounts Screen
Important: This screen should not be used on a regular basis. It’s intended to be used when setting up your company’s default chart of accounts and should not require frequent edits.
Navigate to Settings > GL Accounts. Note: If you don't have access to this screen, check with your System Administrator to ensure your role has the proper permissions enabled to view and make edits if needed.
Adding a New GL Account
You may need to add new GL Accounts for a variety of reasons like a natural disaster occurs and many of your associations now need an expense code for a “Natural Disaster Expense”.
- Click the +New GL Account button and select a unique GL code, description and type of account. It will also ask if you want this as a default account.
Type of Account has the following options available via the dropdown:
- Type of Account needs to agree with our GL groupings or certain codes may appear in the wrong sections or on the wrong report entirely. Example: Expense accounts displaying in the equity section of the balance sheet instead of on the income statement.
- Adding a new Default GL will add the GL Account to the Used list on each association vs adding it to only the Global list on each association if the Default setting is left unchecked. In the “Natural Disaster Expense” example, you would not want it as a default GL account so that it’s only available to associations in areas that were impacted.
- The benefit of making each GL available across all associations is that each member of the accounting and community management teams only have to remember the one code. Default codes are best reserved for things like AR, AP, prepaid or bad debt expense that are always going to have the same code number and name in every association.
- Type of Account has the following options available via the dropdown: