How to add a GL Account /Edit /Deprecate/Duplicate & Delete

Create a new GL account

1. Go to Accounting > Configuration > chart of Accounts, click on Create.

2. Click on New

3. Click on Set Up. 

4. Fill out the necessary fields to create the account on the new line.

• Code - A unique code. Decide the code based on the account type and based on the previous codes used for the same account type.  Here, you can also add the Prefix based on the Account Group on which you will designate your GL Account. This is further explained in How to Create an Accounting Group and Assign a GL Account to the Group
• Name - Name of the GL Account
• Type - make sure that you configure the Account Type correctly as it is critical and serves multiple purposes
  • Information on the account’s purpose and behavior
  • Generate country-specific legal and financial reports
  • Set the rules to close a fiscal year
  • Generate opening entries
• Group - Account Group 
• Allow Reconciliation - If you want to reconcile an account, you can select this option. Eg: Clearing accounts, receivable & payable accounts.

• Tags - You can select the relevant cashflow tag for your GL account (Eg:  Operating Activities, Financing Activities & Investing & Extraordinary Activities)
• Account Currency - Select the account currency
  
  

5. To edit the above options and any other options such as  Default Taxes, and Deprecated status, you may click on SETUP and then EDIT from within the selected record.

• Default Taxes - Select a default tax that will be applied when this account is chosen for a product sale or purchase. 
• Deprecated - It is not possible to delete an account once a transaction has been recorded on it. You can make them unusable by using the Deprecated feature.

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Now you have successfully created a general ledger account.

Delete a GL account

1. If the GL account still has no recorded transaction, you can delete them by clicking on Action. 

Deprecate a GL account

1. By checking the Deprecate Box, the GL account will be INACTIVE and cannot be used in the future. It is not possible to delete an account once a transaction has been recorded on it. You can make them unusable by using the Deprecated feature.