Introduction: Chart of Accounts (15-02)
Overview
This selection is used to create and maintain the General Ledger Chart of Accounts. All GL accounts that debits or credits are posted against (postable accounts) are set up through this selection.
To print the Balance Sheet or Income Statement, other account numbers must also be set up. For example, to have a title appear on a Balance Sheet, (e.g. Current Assets), you need to set up a normal GL account but assign it a transaction code of ‘0- Heading Only.’ This must also be completed for any subtotal accounts (using one of the subtotal transaction codes). Once amounts have been posted against an account, it cannot be changed from a “postable” account to a “title” account.
IMPORTANT: When a GL account is created for a branch Profit and Loss statement, you have the option to automatically create that account for all branches, including the “ZZ0000” income statement consolidation account. The “ZZ0000” account must be set up in order to consolidate income statements.