Microsoft Dynamics GP (Great Plains) General Ledger can help provide your business with the financial insight needed to help your business make better decisions. You can use General Ledger to enter a chart of accounts and post beginning balances. You can export budgets from Microsoft Dynamics GP to Excel, modify them, or distribute worksheets to budget managers for review and input, then import the modified budgets back into Microsoft Dynamics GP.
In this blog, we will run through Maintaining Chart of Accounts in General Ledger.
Maintaining Chart of Accounts in General Ledger
a. Posting Accounts
Posting accounts are the financial accounts that track assets, liabilities, revenue, expenses, and equity. Transactions posted to these accounts appear on financial reports. Examples of posting accounts include Cash, Cost of Goods Sold, and Accounts Receivable.
Sort and find on various elements.
Allow Account Entry – this allows entry from Journal Entries. You may want to uncheck this account for accounts tied to checkbooks, accounts receivable, and accounts payable, inventory, or other accounts you reconcile to from sub-modules.
Posting type
Controls year end close – Balance Sheet accounts balances roll forward; Profit and Loss close to retained earnings.
Typical balance
Default balance for account.
Level of Posting from Series
Post entries from Sub-Modules in Detail or Summary.
b. Allocation Accounts
Allocation accounts are used to distribute percentages of a single transaction among several accounts. Two different types of allocation accounts are available: fixed and variable.
Post transactions to an Allocation account and the amount will distribute according to the Variable or Fixed Allocation set-up.
c. Non-Financial Accounts
Non-financial quantities examples are employee headcount, square footage or the number of customers with past due accounts.
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