Setting up account numbers

Set up account numbers carefully to ensure accurate financial reporting. Contact your Infor Business Consultant before you set up account numbers.

  1. Select General Ledger > Setup > Account.
  2. Click New.
  3. Specify this information:
    Year
    Specify the fiscal year to associate with this account code.
    GL Account #
    Specify the account number according to the structure and delimiters set up in SA Administrator Options-Financials-Account Structure.
    Title
    Specify the account title. Because financial statements might truncate the title or name, we recommend you specify a title that is distinguishable from the first few characters.
    Account Type
    Select a type: Asset, Clearing, Expense, Income, or Liability.
    Clearing accounts are primarily used for year-end profit distribution or suspense accounts, and do not normally carry a balance. Ensure you set the account type correctly because GL Administrator Year End Report handles accounts differently, based on this option. When the Account Type is changed on an existing account, an SA record of any setup-balance-changes is created to note the effect for balancing against the account. A maintenance section in SA Balance Maintenance Report shows all creations, deletions, and modifications to the system setup records.
  4. Click Save.
  5. In the General section, optionally specify a Lookup Name and Keywords.
  6. In Balance Type, select Debit or Credit.
    This option defaults to Credit if you are setting up a new income or liability type account. If you are setting up an asset, expense, or clearing account, the option defaults to Debit.
  7. In Print Type, select Detail or Summaryto indicate how you want reports to print.
  8. In Report Group, optionally, to track daily changes in this account, select the report group this account belongs to.
  9. Optionally, select Manual Posting to allow manual postings to this account. Clear this option prevent manual postings. If you restrict manual postings to control accounts, this facilitates the balancing process.
  10. Optionally, if you use divisionalized accounting and want to duplicate the account for each division that was set up in SA Table Code Value Setup, click Create Division(s). Accounts with zero balances for each division are setup by the system. An error message is displayed if the division portion of the account code was not defined in SA Administrator Options-Financials-Account Structure.
  11. Click Save and close GL Account Setup.
  12. Select General Ledger > Entry > Maintain Balance.
  13. In the Search function, specify the current fiscal year and the account that you created in GL Account Setup.
  14. In Change Field, select Forward Balance.
  15. Select New Value.
  16. In the 0.00 amount field, specify the ending balance from the previous period as the balance to be carried forward.
    If you are implementing General Ledger in the middle of your fiscal year, you might have to enter period balances by selecting the period in the Change Field and specifying the balance. All other changes to this account are created through transaction entry functions.
  17. In Reason, specify the reason for the change.
  18. Click Update.
Related topics
  • Setting up a company