General Ledger (General Ledger) Accounts, generally, are accounts or records used to sort and store balance sheet and income statement transactions. RAMCO accounting functionality offers the ability to create default GL accounts to track transactions and the highest level as well as the ability to create product-specific GL accounts that can provide more granularity in accounting reporting. For more details on General Ledger Accounts, including field descriptions, click here.
Note: RAMCO has accounting functionality, but we are not an accounting system. The accounting functionality is mainly used for accounts receivable situations where the Association is making money (receivables) and doesn't owe money (liability).
Confirm that you have all the default GL Accounts required by the system.
Navigate to Sales & Accounting > General Ledger Accounts
All of the accounts you see in the should be set up in your system. If not you will need to create them.
Click +New in top right
Complete Required and any Optional fields
General Tab
Name - This field is for the name of the General Ledger Account.
Account Type - This field shows an option set of the available account types. An example includes Cash.
Account Number - This field will identify the account number.
Mapped Account - This field is no longer used. (Deprecated)
Description - This field allows for a description of the General Ledger Account.
Default Accounts
You have the option to change any GL Account to the default account for an account type and can do so with the toggles here. However, there must be one and only one default GL account for each account type. Having more than one or no GL Accounts for an account type can cause problems with processing payments.
Product GL accounts
GL accounts can be linked to products through a product GL account record. Some things to consider when creating a product GL account
1. Products should have 0 or 1 Revenue/WIP Product GL Accounts.
2. Products should have 0 or 1 Receivables Product GL Accounts.
3. Product GL Accounts need to have a Type.
4. Product GL Accounts need to have a General Ledger Account.
5. The Type on the Product GL Account needs to match the Account Type on the General Ledger Account.