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.

GL Account Code Structure

1. Open the Chart of Accounts window

Navigate to General Ledger ➤ Chart of Accounts. Click the Create New Record icon (or use the keyboard shortcut Command + N.)

Chart of Accounts - list view

2. Enter the account info

Enter the GL account info. When finished, click OK to save.

Account Information

  • 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 account code ranges established in System Setup. The types of accounts and their abbreviations are as follows:
    • Liability (L)
    • Asset (A)
    • Equity (N)
    • Income (I)
    • Expense (E)
  • Setup type: The setup type is only used for a handful of special accounts, most of which are set up during initial implementation of AcctVantage. There are some cases where you'll need to specify the setup type for new accounts, however this is the exception, not the rule.
    • CLICK THIS LINK for more info on what types of accounts need to have a setup type assigned. Please contact AV support if you have questions on how setup types are used.
  • Department & Profit Center: These fields are automatically populated based on the Account Code entered.
  • Inactive: A check in this box will prevent any entries to be made to the account.
  • Reconcilable: Check this box to allow the account to be reconciled via the GL Reconcile process.
  • Posted Balance: This is the balance posted to the G/L as of the last day of the current fiscal period.
  • History (button): Click this button (next to the Account Information label) to drill down to detailed activity for the account.

Memo & Other Info

These fields are completely optional.

GL Account - detail view

Where can I see the established GL account code ranges?

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.

These GL Account ranges are defined during initial implementation of AcctVantage and can not be changed.

System Setup - GL tab