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

A GL account stands for General Ledger account and it is essentially a system​ of accounting that helps businesses track financial transactions. It’s an extremely valuable tool for any business, as it allows them to keep track of their finances in a simple and organized way. A GL account is a general ledger account that is used to track the financial transactions of a company. The GL account is used to record all the transactions made by the company, and it can be used to produce financial statements

Create a new GL account

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

2. Click on Create 

3. Fill out the necessary fields Account Code, Account Name ,Type, Allow ​ ​ ​Reconciliation,Currecny ​and Taxes to create the account on the new Account. 

. 4.To Get more detail Click on Set up.

5.You can also see the necessary fields here and fill information.

• 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 
• 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
• Allow Reconciliation - If you want to reconcile an account under accounting reconciliation, you can enable this option. .Eg: Clearing accounts, receivable & payable accounts.
• 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.
• Allow Reconciliation
  

If you want to reconcile an account under accounting reconciliation, you can enable this option. .Eg: Clearing accounts, receivable & payable accounts.

4.To Edit  GL account Go to Chart of Account and click on Setup.

 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.

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.