A General Ledger Set is a set of account codes grouped together that indicates to the software which accounts to update with the relevant figures, that saves the operator entering general ledger account details for each transaction.
You may only require one GL Set per company. However, if you have more complex general ledger posting requirements, you can set up any number of sets to provide the flexibility you require.
Use General Ledger Set Maintenance to enter the set Number, name and applicable account codes for each set. The name will display throughout the software each time that set is accessed.
To create a General Ledger Set:
Go to General Ledger, Masterfiles, General Ledger Sets, Maintain.
Enter Set Code and Name.
Against each Sales account, Purchasing account etc., select a General Ledger Code from your chart of accounts.
Move to the next tab and enter the Account Code for Balance Sheet Items and Miscellaneous.
Choose Accept (F9) to save.
Notes:
All codes must have a valid General Ledger Code from your chart of accounts and should not be left blank. A valid General Ledger code is one with an Account Type of:
0 = Posting - Optional Printing
1 = Posting
2 = Control
3 = Bank
If certain accounts listed in the General Ledger Set are not used, they should be allocated to a suspense account.
Always fill in all account codes in the General Ledger Set. If certain accounts should not be used, you may want to allocate them to a Suspense Account (eg. 99999) and select No to Consolidate.
In the event a posting is allocated to the account, you will easily be able to track its source and make adjustments to ensure amounts are posted to the correct account in future.