Set Up a New GL Account
This lesson describes how to add a new GL Account to your existing Chart of Accounts.
GL Account Code Structure
AcctVantage uses a 5-3-3 Account Code structure (Account Code - Department - Profit Center). The Department and Profit Center are optional.
2. Create a New GL Account
Click the Create New Record icon or use the keyboard shortcut Command + N.
3. Create a New GL Account
- Name: The name of the GL Account.
- Code: This should adhere to the previously mentioned GL Account Code structure.
- Type: This field will be populated automatically based on the GL Account Ranges established in System Setup.
- The Types are: Liability, Asset, Equity, Income and Expense.
- Setup type: This is rarely used and should generally be left blank.
- Department & Profit Center: These fields are automatically populated based on the Account Code entered.
- See the article on Departments and Profit Centers for more information.
- Status (Inactive): A check in this box will prevent any entries to be made to the account.
- Current Balance: The current balance of the account.
- History: Click the History button to drill down to detailed activity regarding the Current Balance.
Memo & Other Info
These fields are completely optional.
If you need to create a new GL Account but don't know which Account Code to use, you can see your designated GL Account Ranges if you navigate to Administration ➤ System Setup ➤ G/L tab.
Note: These GL Account Ranges are setup during AV Implementation and can not be changed.