Global Ledger clearing accounts and interfacing

After transactions from Payables and Project Ledger are interfaced, you must create a Global Ledger account. In order for the clearing account to zero out each month, it must match the clearing account from the asset account group.

This table shows an example of the clearing account after assets from Payables are added:

Clearing account	Debit	Credit	Source
Asset Clearing account is assigned to the Payables Invoice distribution line	X		Payables Invoice Distribution
Payables record initial cost entry		X	Journalize Distributions Sign in as Payables Manager and select Run Processes > Journalize >Journalize Distributions
Asset	X		Release Assets
Asset clearing from the asset account group for Global Ledger transactions		X	Release Assets

This table shows an example of the clearing account after assets from Project Ledger are added:

Clearing account	Debit	Credit	Source
Asset Clearing from Project Ledger	X		Project Interface Control
WIP or Expense Transfer activity to Asset Accounting		X	Project Interface Control
Asset	X		Release Assets
Asset Clearing from Asset Account Group creating Global Ledger journal entries.		X	Release Assets