Accounts are used to group financial transactions. Accounts show increases, decreases, and an ending balance that provide a means for creating financial statements.
Note: You generate financial statements from your third-party accounting solution.
Each transaction must have an account assigned to it. Each account has a unique number structure consisting of at least an account code. Accounts can also have other account segments to help categorize transactions for creating statements.
The program only generates GL distributions for accounts that follow your structure. This ensures that any distribution that the software creates can be posted to your general ledger.
You can create general ledger accounts from the GL Accounts page. You only need to add accounts that will be used in general ledger mapping. To access the GL Accounts page, click Define GL Accounts on the General ledger setup page.