Setting Up The General Ledger Accounts

The first thing you must do after setting up the company data is create the general ledger accounts. This is your ``Chart of Accounts''. You can not enter any transactions before you have valid accounts in which to record the transactions. You have complete control over your Chart of Accounts. You may create as many accounts as are necessary and title them as you wish.

Select Ledger Accounts from the main window menu bar. From the drop down menu select Create New Account. You will be asked to enter a number for the new account. Each account must have a unique number, a title, and an Account Type. Account numbers can range from 1 to 9999. (See the discussion on Suggested Numbering Plans at .) You may double click the number entry box to see a list of existing account numbers. You must enter a new number for creating a new account.

Figure: Account Number Window

When you have entered a new number and clicked the OK button the Create New GL Account window will appear. Enter the title for the new account. (Merchant's National Bank in the example below.) Next, select a type for this account from the scroll down menu at the right. (See the discussion below on Account Types.) In this example, since this is a checking account at Merchant's Bank, the type for this account is a Bank Checking Account. Click the Save button to save this account and continue with more new accounts.

Figure: New General Ledger Account