General Ledger Account Codes

 

Use this screen to add an asset or expense account and change default tax codes.

 

1.     Account Search – A lookup screen will open and you can choose the appropriate account.

2.     Description – This will give the account name you have just chosen in your search.

3.     Tax Code – This highlights the default tax code being used for that particular account.  If this is incorrect you can make changes by using the drop down arrow and selecting the correct code.

4.     Group – This is the group that the account fits in and determines where it will sit in your profit and loss or balance sheet.

5.     Type – This field will self-fill according to what group you have selected the account to belong to.

6.     Active – This check box enables you to determine if an account is inactive or active.

 

 

If you wish to view a summary from the previous years you can use the drop down menu at the top to change the year.

 

You will also see a column for Budgets and Last Year.  Last Year will give the previous year’s figures as a summary and Budgets allow you to enter Budgets for each expense and income account.

 

If you enter budget figures in, when it comes time to run your Profit and Loss report, you are able to select the With Budget MTD report or With Budget YTD report.  This will then include your budget figures and you can compare budget to actuals.  The report will also show the variance between actual and budget.

 

                                 

 

 

 

In this Tab you can see the detail of a transaction by double clicking on it or right clicking and selecting 'view transaction'.