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General Ledger: To Specify General Ledger Preferences

In this activity, you will learn how to specify the basic settings to be used for the general ledger functionality.

Back to TopStory

Suppose that a company with an actual ledger has been created and a chart of accounts has been defined in Acumatica ERP. Acting as an administrator, you need to specify the preference settings related to the general ledger functionality. You will specify the accounts that are mandatory for the system and other settings that make it easier for users to create entities in the system.

Back to TopProcess Overview

In this activity, you will configure general ledger preferences on the General Ledger Preferences (GL102000) form.

Back to TopSystem Preparation

Before you start specifying the general ledger preference settings, make sure that the following tasks have been completed in the system:

  1. The company has been created and its actual ledger has been specified; see Company Without Branches: To Configure a Company Without Branches and General Ledger: To Create an Actual Ledger.
  2. The Net Income and Retained Earnings accounts have been added to the chart of accounts, as described in General Ledger: To Create a Chart of Accounts.

Back to TopStep: Specifying the General Ledger Preferences

You specify the basic settings related to processing GL transactions as follows:

  1. Sign in to the company you have prepared with the admin username.
  2. Open the General Ledger Preferences (GL102000) form.
  3. In the YTD Net Income Account box in the Chart of Accounts Settings section, select 33000 - Net Income. This is a required setting for a company.
  4. In the Retained Earnings Account box, select 32000 - Retained Earnings. This setting is also required for a company.
    		5.  You can select only an account with the Liability type in the Retained Earnings Account box. If you enter an account with another type, the system displays an error message.
  5. On the form toolbar, click Save.
  6. In the Posting Settings section, make sure the Automatically Post on Release check box is selected.
    7. All batches will be automatically posted to the general ledger after release. This setting simplifies batch processing, because no batches with the Unposted status will be generated.
  7. In the Data Entry Settings section, clear the Hold Batches on Entry check box.
    8. When new batches are saved, they will have the Balanced status. This setting also simplifies the processing of batches.
  8. On the form toolbar, click Save.