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General Ledger Accounts

General Ledger (General Ledger) Accounts, generally, are accounts or records used to sort and store balance sheet and income statement transactions. Cobalt 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.

Confirm that you have all the default GL Accounts required by the system.

Confirm that you have all the default GL Accounts required by the system.

Navigate to Cobalt 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

Click +New

Complete Required and any Optional fields

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.

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.

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