Accounting Rules for GL - General Ledger

GL01: Journal Vouchers

When applied

Account entries are created when a journal voucher is recorded in 'Journal Voucher. Enter' (GLS100).

References

See Enter Journal Voucher.

Accounting rules for GL01: Journal vouchers

Rule

D/C

Name

Description

GL01-111

C

VAT payable 1

Used when the 'VAT reported on payment day' check box is left cleared for the VAT code in 'VAT Code. Open'(CRS030).

GL01-112

C

VAT payable 2

Used when the 'VAT reported on payment day' check box is left cleared in combination with VAT method 2 or 3 in (CRS030).

GL01-113

C

Suspense account for VAT payable 1

Used when the 'VAT reported on payment day' check box is selected in (CRS030).

GL01-114

C

Suspense account for VAT payable 2

Used when the 'VAT reported on payment day' is selected in combination with VAT method 2 or 3 in (CRS030).

GL01-211

D

VAT receivable 1

Used when the 'VAT reported on payment day' check box is left cleared in (CRS030). When used to record Canadian sales tax on purchases in 'Supplier Invoice. Record' (APS100) it represents the General Sales Tax (GST) or the Harmonized Sales Tax (HST). For details, see Canadian Sales Tax in M3.

GL01-212

D

VAT receivable 2

Used when the 'VAT reported on payment day' check box is selected in combination with VAT method 2 or 3 in (CRS030). When used to record Canadian sales tax on purchases in (APS100) it represents the Provincial Sales Tax (PST) or Quebec Sales Tax (QST). If the PST is self-assessed by the company, an offsetting PST credit transaction is created based on accounting rule AP10-217.

GL01-213

D

Suspense account for VAT receivable 1

Used when the 'VAT reported on payment day' check box is selected in (CRS030).

GL01-214

D

Suspense account for VAT receivable 2

Used when the 'VAT reported on payment day' check box is selected in combination with VAT method 2 or 3 in (CRS030).

GL01-217

 

Base investment tax

 

GL01-218

 

Contra account for base investment tax

 

GL01-280

 

Rounding off

 

GL20: Unrealized Exchange Rate Differences in Currency Accounts

When applied

Account entries are created when unrealized exchange rate differences are recorded for the currency accounts in the balance sheet in 'Unrealized Exchange Rate Variance. Update' (GLS160). Currency accounts are accounts with a currency connected to them in 'Accounting Identity. Open' (CRS630/F) such as bank accounts. A requirement is that alternative 1 = 'Currency accounts' is selected in the 'Revaluation account' field in (GLS160).

Accounting rules for GL20: Unrealized exchange rate differences in currency accounts

Rule

D/C

Name

Description

GL20-351

C

Unrealized exchange rate gain

Represents the profit and loss account for the capital gain due to unrealized exchange rate gain.

GL20-352

D

Unrealized exchange rate loss

As above, but refers to exchange rate loss instead.

GL21: Unrealized Exchange Rate Differences in Accounts Receivable

When applied

Account entries are created when the accounts receivable part of the balance sheet is revaluated in 'Unrealized Exchange Rate Variance. Update' (GLS160). All accounts with the 'Accounts receivable account' check box selected in (CRS630/E) are included. A requirement is that alternative 2 = 'Accounts receivable' is selected in the 'Revaluation account' field in (GLS160).

Accounting rules for GL21: Unrealized exchange rate differences in accounts receivable

Rule

D/C

Name

Description

GL21-350

 

Adjustment account

Represents the balance account for adjustments due to unrealized exchange rate gain or loss.

GL21-351

C

Unrealized exchange rate gain

Represents the profit and loss account for the capital gain due to unrealized exchange rate gain.

GL21-352

D

Unrealized exchange rate loss

As above, but refers to exchange rate loss instead.

GL22: Unrealized Exchange Rate Differences in Accounts Payable

When applied

Account entries are created when the accounts payable part of the balance sheet is revaluated in 'Unrealized Exchange Rate Variance. Update' (GLS160). All accounts with the 'Accounts payable account' check box selected in (CRS630/E) are included. A requirement is that alternative 3 = 'Accounts payable' is selected in the 'Revaluation account' field in (GLS160).

Accounting rules for GL22: Unrealized exchange rate differences in accounts payable

Rule

D/C

Name

Description

GL22-350

 

Adjustment account

Represents the balance account for adjustments due to unrealized gain or loss.

GL22-351

C

Unrealized exchange rate gain

Represents the profit and loss account for the capital gain due to unrealized exchange rate gain.

GL22-352

D

Unrealized exchange rate loss

As above, but refers to exchange rate loss instead.

GL30: Petty Cash

When applied

Account entries are created for VAT in 'Petty Cash. Open' (GLS095).

References

See Petty Cash.

Accounting rules for GL30: Petty cash

Rule

D/C

Name

Description

GL30-111

C

VAT payable 1

Used when the 'VAT reported on payment day' check box is left cleared for the VAT code in 'VAT Code. Open'(CRS030).

GL30-112

C

VAT payable 2

Used when the 'VAT reported on payment day' check box is left cleared in combination with VAT method 2 or 3 in (CRS030).

GL30-113

C

Suspense account for VAT payable 1

Used when the 'VAT reported on payment day' check box is selected in (CRS030).

GL30-114

C

Suspense account for VAT payable 2

Used when the 'VAT reported on payment day' is selected in combination with VAT method 2 or 3 in (CRS030).

GL30-211

D

VAT receivable 1

Used when the 'VAT reported on payment day' check box is left cleared in (CRS030). When used to record Canadian sales tax on purchases in 'Supplier Invoice. Record' (APS100) it represents the General Sales Tax (GST) or the Harmonized Sales Tax (HST). For details, see Canadian Sales Tax in M3.

GL30-212

D

VAT receivable 2

Used when the 'VAT reported on payment day' check box is selected in combination with VAT method 2 or 3 in (CRS030). When used to record Canadian sales tax on purchases in (APS100) it represents the Provincial Sales Tax (PST) or Quebec Sales Tax (QST). If the PST is self-assessed by the company, an offsetting PST credit transaction is created based on accounting rule AP10-217.

GL30-213

D

Suspense account for VAT receivable 1

Used when the 'VAT reported on payment day' check box is selected in (CRS030).

GL30-214

D

Suspense account for VAT receivable 2

Used when the 'VAT reported on payment day' check box is selected in combination with VAT method 2 or 3 in (CRS030).

GL30-217

 

Base investment tax

 

GL30-218

 

Contra account for base investment tax

 

GL30-280

 

Rounding off

 
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