Set Up G/L Accounts

The G/L Account page allows authorized users to combine organization sets and account elements to create a general ledger account number. For Chart of Accounts setup, use the G/L Account page to enter cash accounts and attach bank accounts.

To set up or edit an account, follow the steps below:

  1. Go to Maintenance > new world ERP Suite > Chart of Accounts> G/L Accounts > List.
  2. Click Search. To narrow your search and limit your results, continue and select any or all of the remaining fields as needed.
  3. Click New to create a general ledger account number. To edit an existing account, click the G/L account number hyperlink to open the G/L Account page. For more information on using the fields on the tabs to set up the general ledger account, click on a link below:

The G/L Account tab allows you to set up the general information for the general ledger account. For Chart of Accounts setup, enter cash accounts and attach them to bank accounts on this tab.

  1. In Organization Set, select the organization set associated with the general ledger account number. This cannot be changed in EDIT mode.
  2. In <Account> Number, select the base/detail account number associated with the general ledger account number. The <Account> label is replaced with the full description text entered on the Account tab on the New World ERP System Settings page (Maintenance > new world ERP Suite > System > New World ERP Settings).
  3. In Account Status, select the way in which the account is used. For Chart of Accounts setup, select Transactions, Reports. Also see the Through Fiscal Year field below.
  4. In Budget Type, select whether the account is budgeted and how transactions are validated against the account in terms of available budgets. For Chart of Accounts setup, select Not Budgeted.Selecting Budget Control Group from the drop-down will display the Budget Control Group field below.
  5. In Quick Code, type the code that can be used in lieu of the account number to facilitate quick entry of commonly used account numbers. For Chart of Accounts setup, leave the field blank. The maximum character length is 72; there are no character restrictions. The code must be unique.
  6. Select the Cash Account check box if the account is a cash account. For Chart of Accounts setup, make sure this check box is selected. Selecting this check box for a given account is how the system identifies G/L cash accounts. Accounts that are not flagged via this check box will NOT be recognized as cash accounts.
  7. If the Cash Account check box is selected, in Bank Account select the bank at which the funds associated with the cash account are being kept. Only bank accounts to which you have authority are displayed.
  8. Select an Investment Distribution Journal Group to which the selected account will belong. When you save the page, data in this field enables the G/L Distribution tab.

    The Investment Distribution Journal Group field is a validation set that may contain an unlimited number of distribution groups, so the creation of a new group is quick and easy. Press the <Ctrl> key and click the field to open the Validation Set Values List dialog box where you can add or edit a validation set.

    An account and investment distribution group maintain a one-to-one relationship. The balance in an account may not be part of multiple distribution allocations; it may be used for one distribution allocation only.

  9. The Budget Control Group field appears only if it has been selected from the Budget Type field above. Select the Budget Control Group the account should belong to.
  10. In Budget Level, select the level at which the budget validation will take place. It is hidden until Organization or Account Classification Level is selected in the Budget Type drop-down list.
  11. The Through Fiscal Year field appears if Report Only is selected in the Account Status field. Specify through which fiscal year to include the account on financial reports. The valid value is the current year plus two years. The date must be greater than or equal to the fiscal year of the greatest general ledger transaction for the G/L Account (as determined by the G/L Date).
  12. For a revenue type G/L account, in Override Function select the override function and sub function.
  13. In Project Requirement, select whether project information is required for the general ledger account. For Chart of Accounts setup, select Not Allowed. The available options are: Required, Recommended, Optional, and Not Allowed. Saving the page with any value (except Not Allowed) enables the Projects tab. This button opens the Projects for the G/L Account page.
  14. In Project Usage, select whether all projects or associated projects will be associated with the general ledger account.
  15. In Reclassify to G/L Account, select the G/L Account that should be updated with this G/L Account's fiscal year balance at year end when the reclassification journal is created.
  16. In Offset Directly to Fund Balance, select whether the offsetting transaction for the year-end reclassification journal for the G/L Account should be made to the account or directly to the Organization 1 (Fund) fund balance account.

In the Primary Translation Information section, you can store translation information used by general ledger conversions and the journal import/export functions to reformat data entering or exiting the system.

  1. In Translation Account type the name of the translation account. This field can accommodate up to 72 characters. If the Update Translation Account Code check box is selected in G/L Account Mask Settings, the system will populate the field with the full code, and the field is disabled until the account is saved.
  2. In Translation Account Group, select the translation account group. The Translation Account Group drop-down list allows you to create multiple sets of translated values. This is useful if there is more than one external application that needs to interface with New World ERP, all with different G/L Account numbering systems.
  3. Select the Use for Imports check box to reformat data entering the system.
  4. Select the Use for Exports check box to reformat data exiting the system.

If translation information is not recorded for a G/L account, the standard account format will be the default import/export account code.

  1. To save your selection, click Save. Click Save/New after you type an entry and want to add another cash account.
  2. Repeat the above steps until all cash accounts are entered.

If you need to add or edit secondary translation accounts for a G/L Account, follow the steps below:

  1. Click Translation at the bottom of the G/L Account page. The G/L Account Translation Information dialog box appears.
  2. Click either Add Translation Account or Remove Translation Account depending on the action you want to perform. If adding, select and enter the appropriate information.
  3. Click OK to confirm the action.

Use the G/L Distribution tab to set up the accounts that will participate in the investment distribution process.

  1. Click New.
  2. In Debit G/L Account, type the Receivable from Assistance provider account.
  3. In Credit G/L Account, type the cash account.
  4. In Distribution Percent, enter the percentage of the account numbers to be debited and credited when investments are distributed to this account.
  5. Click OK.

To delete an account, select an account to highlight it in the list and click Delete. This button is hidden if you do not have the appropriate security permissions.

The User-Defined Fields tab allows you to set up the user-defined fields determined by your organization for the general ledger account.

The Documents tab uses the Document Viewer feature.

See Also

G/L Account List

Projects for the G/L Account

Chart of Accounts Overview