Chapter 6 – General Ledger Setting up General Ledger
• 91
Setting up General Ledger
Before you can enter your chart of accounts, you have to first design and set up supporting elements. In this section, we list each element. Since some elements depend on others, you should work through these in sequence.
Element What it Does
Transaction types let you group similar transactions together.
Transaction Types
Here you set up some processing options.
Defaults
Branches
You can split the general ledger by branch, create accounts for each branch, and report on a branch basis. In this option, you maintain the branch codes.
Departments
You can split the general ledger by department, create accounts for each department, and report on a departmental basis. In this option, you maintain the department codes.
Transaction Types
You enter values into the general ledger by means of transactions. You classify these transactions by creating transaction types. You can then view all transactions of a particular type together.
You should spend some time deciding on how many transaction types you need. If you create too few, then transaction enquiries will contain so many transactions the process becomes very tedious. If you create too many, then transaction enquiries will yield too few transactions to be meaningful.
It is important to link your general ledger transaction types to debit and a credit tax group, as this will affect tax submissions to the respective tax authority.
You access this function via the Maintenance...General Ledger...Transaction Types menu option, or via the system tree General Ledger...Maintenance...Transaction Types function:
