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Add new GL account PDF Print E-mail
Written by Cecilia Chee, Singapore   
Saturday, 01 October 2011 18:43

 

 

How to add a new GL account?

 

First open the 'GL accounts' window.  Click the 'Accounting' menu bar selection and then choose the caption, 'manage GL accounts.' 

The existing GL accounts are listed in the upper half of the window.  If you are new to TeemWork accounting, the list will be empty.  

Below is an example of the GL account list for team, 'DEMOE'.

Before adding the new GL account, decide the 'Type' of GL account you want to add.  Remember that there are four types available in TeemWork.  They are: assets, liabilities, revenue and expenses.  For more information about GL account types, click here to read more about the four GL types

Additions and modifications are done in the tab labelled, 'Account Details.'  In the above slide, the "account Details' tab is shown.

When you are ready to enter your GL account, click the drop down list labelled: 'Type'.  Select the GL account Type you want to add.  The drop down menu is show in the next slide.  The GL account Type selected is 'Expense.'

After the GL account type is selected, click the field labelled, 'GL account.'  Enter a number you want to associate with the GL account.

There is a general rule when deciding a GL account Number.  The first digit is often associated with the GL account Type.  In our examples, assets begin with the number, '1', Liabilities begin with '2', Revenue, with '3', Expense, with '4' and Capital and Surplus, with '5'.  

In TeemWork, 'GL account Numbers' do not have to be of the same length. GL account Numbers may contain letters and digits and must be less that 50 characters in length. In our examples, we use 4 digit GL account Numbers.

The final point to note, is that the GL account Numbers can be made to show similarities in GL accounts.  A team may want all their phone expenses to be easy to find.  They begin Local service with the number, 4400, long distant calls with, 4410 and cellular service with the number 4420.  They all belong to expenses 4000, but also denote a subgroup in the 400 range.

In the following slide the 'GL account Number' is 4410.

Next enter a user-friendly name in the most right field along the top of the tab.  It is labelled, 'GL Account Name.'

The slide below illustrates the three main fields complete.

An optional step, is to add a comment for the GL account.  This can be any extra details for the GL account that you may wish to see when looking through the GL accounts list.

Below is the completed GL account addition.

Finally, click the 'Save' button.

Last Updated on Monday, 03 October 2011 11:48
 
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