GL Account

GL Account is an account or record used to sort, store and summarize a school's transactions. These accounts are arranged in the Chart of Accounts.

To create a new account, select the correct ledger in the top right corner of the page. Go to Finance > Ledger > Chart of Accounts. Click New on the right side of the page to enter the new account details.

Account Name is the name of the account listed in the chart of accounts. Note: Changing the account name of an existing account will update the account name on all associated transactions.

Account Number is the account number associated with the account. You can enter the account number directly, or click the Account Number link. The account number link has the section, description, and numbers that are listed in Finance > Maintenance > Account Number Mapping. Note: Changing the account number of an existing account will update the account number for all associated transactions.

Account Description can be any description you want to be entered for the account.

Category is the classification the account belongs to. Example: Asset, Liability, Equity, NetAsset, Revenue, Expense, Gain, Loss.

Type is the type of account based on the category. Example: Category Revenue - Type Income, Category Asset - Type Bank Account

Account Sub Types are a further classification of the account. Make a selection from the drop-down. Note: Sub Types can be added by clicking the Account Sub Types link.

Contra to Account is where you set the account the new account is contra to, if applicable. Note: A contra account is an account that offsets the balance of the associated account.

Is Aggregate? is a checkbox to mark if the account will include the sum balance of this account and any sub-accounts connected to it.

Suppress Reporting? is a checkbox that prevents the account from being listed in the reports.

Note: You can associate accounts with multiple ledgers by going to Finance > Ledgers > Chart of Accounts > Details > Associate with Ledgers.

Schedule Demo

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