Set up General Ledger Accrual Accounts
- Michelle Russell
Expenses accrued during operations are processed in an Accrual Control account. The account is credited with accruals and the Expenses account is debited with costs. Once the account is set up an Accrual Journal can be created. See Adding an Accrual Journal for more information.
How to Set up a General Ledger Accrual Account
Navigate to General Ledger > Setup in the main menu. Click the Add button.
Set the account Type to Liabilities and the Class to Posting.
Enter the account name as “Accruals” and enter the Subcode (starts with 21 to group in Liabilities).
Select the Status of the account to Active.
Set Linked Account to Accruals Control.
Set the Restrict field to N.
Set the Tax Code and Currency fields to your company defaults.
Enter the specific Branch and/or Cost Centre the contra account applies to.
Click Save.
Note: Accounts will only be created for the Cost Centres set up for a Branch (regardless of the Cost Centres selected). To determine if the selected Cost Centre is allowed for the Branch, check the Cost Ctr field on Details tab of the Branch Management window.