Setting up General Ledger

You must set up the General Ledger application after you have set up the Currency application. If items are ordered from stock, issue and transfer transactions are posted to the General Ledger through the Inventory Control application. This procedure outlines the information you must define in the General Ledger application.

The information you define includes accounts and accounting units to record requisition activity and, if applicable, intercompany relationships. Also if applicable, you define general ledger commitments and budget edits.

Set up General Ledger

  1. Access Chart of Accounts (GL00.1) and define these for your chart of accounts:

    • Name and description

    • Summary and detail accounts for both the balance sheet and income statement sections of the chart

    • System accounts

  2. Access Company (GL10.1) and define your General Ledger company and determine whether you have any intercompany relationships. Intercompany relationships are relationships between companies that let transactions pass between them.

    Within your General Ledger company, define these:

    • Chart of accounts and base currency

    • Organizational levels

    • Company-wide general ledger processing parameters

  3. Access Accounting Units-Accounts (GL20.1) and define accounting units from the top of your company organizational structure to the bottom so you assign the correct, unique level address to each accounting unit.
  4. Access System Control (GL01.1) and define how system control is used for your company.
  5. Access System Codes, Commitments (GL01.4) to assign system codes for General Ledger commitments and budget edits (if you are going to use commitments).

Related reports and inquiries

To Use
List the chart of accounts Chart of Accounts Listing (GL200)
List company parameters Company Listing (GL210)
List accounting units for a company Accounting Unit Listing (GL220)
List posting accounts by accounting unit for a company Posting Accounts Listing (GL221)
List posting accounts by accounting unit for a company Posting Accounts Listing by Acct (GL222)
List system codes and system control options System Control Listing (GL201)