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.

1. Open the Chart of Accounts window

Navigate to General Ledger ➤ Chart of Accounts.

Open the Chart of Accounts window

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

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 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.
  • 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.

System Setup

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.