Summary: This article will cover how to use the global GL Accounts screen.
Navigate to Settings --> GL Accounts
**This screen is permission based. Not all users will be able to access this.
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 have to be edited.
Drilling down on the codes you see here will provide further information.
This screen is very useful when something like a natural disaster occurs and many of your associations now need an expense code for “natural disaster expense”. To do this you would 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 is asking if the account is an asset, equity, expense, income or liability. This needs to agree with our GL groupings or certain codes may appear in the wrong sections or on the wrong report entirely ie: expense accounts displaying in the equity section of the balance sheet instead of on the income statement.
- A “Default” GL will be added to the Used list on each association vs adding it to only the Global list on each association. In the example of the “natural disaster expense”, you may want to add without marking it default 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.