SummaryHelp SummaryThis article outlines the steps and key fields for creating new General Ledger (GL) Accounts in Accounting Seed. Accounts can be created manually or imported. Steps:1. Navigate to Accounting Home \> Setup tab \> Ledger menu \> General Ledger Accounts. 2. Click New. 3. Enter Name, Type (Revenue, Expense, or Balance Sheet), Sub Type 1, Sub Type 2, and Expense Report information. 4. Click Save.Key fields include: Type, Sub Type 1/2 (used for grouping reports; Balance Sheet Sub Type 1 must be Asset, Liability, or Owner's Equity), Active, Deferred GL Account, Recognition GL Account, and Bank/Credit Card Account. Expense Report and Billing Settings are also discussed. Accounts with "Cash Flow" Type or "Inactive" status do not count toward the maximum limit.BodyOverview You can create new GL Accounts in Accounting Seed at any time. GL Accounts can also be imported with templates. See the Import Templates knowledge article. Note: If you attempt to create a GL Account after your GL Account limit is reached, a message displays to indicate that the maximum limit has been reached. In this case, please contact Accounting Seed Support to purchase additional GL Accounts. Please note that GL Accounts with “Cash Flow” selected in the Type field do not count towards the limit. Additionally, GL Accounts that are set to “Inactive” do not count towards the limit. Create a New GL Account Navigate to Accounting Home and click the Setup tab. Then, under the Ledger menu, click General Ledger Accounts. On the GL Accounts page, click New. On the New GL Account screen, enter a Name, Type, Sub Type 1, Sub Type 2, and Expense Report information.Click Save. Fields GL Account Name - Type in the desired account name using the recommended naming convention from above. Type - Options for type are Revenue, Expense, or Balance Sheet. Accounting Seed does not support adding your own values. Sub Type 1 - Dependent on Type. Used in grouping reports. See Managing Sub Types article for default values. Accounting Seed does support adding your own values for revenue and expense accounts, but not balance sheet accounts. Balance sheet accounts MUST have a value of one of the following: AssetLiabilityOwner's Equity Sub Type 2 - Dependent on Sub Type 1. Used in grouping reports. See Managing Sub Types article for default values. Accounting Seed does support adding your own values. Active - When this checkbox is selected, it indicates that the GL Account is active. Most filtered lookups to the GL Account object look for an active status. If an account is no longer being used, make sure to de-select the Active checkbox so it will not appear in GL Account lookups. Note: If you de-select the Active checkbox on a GL Account, you can create a validation rule to prevent posting to the GL Account. Deferred GL Account – this is used with Multi-book Accounting, on the Cash Ledger only. Select this checkbox if the GL Account is considered to be a deferred Revenue or Expense GL Account. Recognition GL Account – this is used with Multi-book Accounting, on the Cash Ledger only. If the Deferred GL Account checkbox was selected above, a GL Account must be selected in this field. This will be the default GL Account that is used to recognize Revenue or Expenses on a Multi-book Cash Ledger. Note: If using Multi-book Accounting and you are using Products on Billings and Payables, a Revenue GL Account or Expense GL Account that is considered a Deferred GL Account can be included on a Product. Bank/Credit Card Account - Select if the GL Account is a bank or credit card account such as your checking account or corporate American Express. This indicates if the GL Account is a Bank GL Account and can be selected to record Cash Receipts, Cash Disbursements and use the Bank Reconciliation. Bank Account – Displays if you have AP Automation to indicate the Bank Account name for Payment Services. Return to top Current Balance Once a GL Account is created the Current Balance will display the aggregated total of posted transactions. Note: The Current Balance will only display for Balance Sheet, Revenue, and Expense GL Accounts. The Current Balance information will display in one of three ways depending upon the available Transactional Ledger(s). Note: Ledger(s) information is visible based upon your user access. One Transactional Ledger - Current Balance will display the total amount for the GL Account.More than one Transactional Ledger with the same currency - Current Balance will display the total amount for each Ledger and the combined or grand total for all of the Ledgers.Note: If five or less Ledgers are available, when you access the GL Account, the Current Balance drop-down list automatically displays as expanded. If more than five Ledgers are available, click the drop-down list to expand it. More than one Transactional Ledger with Multi-currency enabled - Current Balance will display the total amount for each Ledger. Additionally, a Currency column will display. Note: If five or less Ledgers are available, when you access the GL Account, the Current Balance drop-down list automatically displays as expanded. If more than five Ledgers are available, click the drop-down list to expand it. Expense Report Settings Used in Expense Reports - Select the "Used In Expense Reports" checkbox if the account will be used in expense reports. Some examples are travel, meals & entertainment, and mileage accounts. When expense reports are created, the filtered lookup will show all the accounts with this checkbox checked. Expense Report Name - This is a friendly version of the GL Account name that displays for users entering expense reports in the expense report entry screen. Mileage Account - Select the checkbox if the account is a mileage expense account. If it is a mileage account, make sure to enter a mileage rate in the mileage rate field. Mileage Rate - If the GL Account is a mileage expense account then enter the mileage rate here.Note: The standard IRS mileage rate can be found at this link. Best Practice: The mileage rate should be updated annually. Billing Settings Billing Description - This is an alternate name for the GL Account when used in Billings to display a more customer-friendly description of the GL Account. This feature is only applicable to Revenue GL Accounts. Time and Expense Revenue Conversion - This field is relevant for expense transactions used in Time and Material Billings. This GL Account assignment maps the expense to the proper Revenue Account when processing expense transactions for Time and Material Billings. Return to top ____________________ Spring '25 Preview 1 Release Release Notes and Schedule Revenue and Expense Recognition fields added for Cash Ledgers. TitleCreate a New GL AccountURL Name288358021
