Creating GL Accounts and Adding to Financial Statement Tables

CREATING GL ACCOUNTS AND ADDING TO FINANCIAL STATEMENT TABLES

Purpose: The purpose of this document is to teach the DockMaster user how to create new general ledger accounts then add the new account(s) to the financial statements.

The setup of the chart of account structure and the recommended numbering system is outlined below.   Typically, DockMaster’s chart of account numbers consist of 7 digits:

                                                       Example:  1006001

    1st digit = Company number

    2nd and 3rd digits = Cost Center number (see GL > Maintenance > Cost Center)

    Last 4 digits = Detail account which contains the account description.

    We recommend that you use the following structure for the detail account numbers:

• 1000 detail account numbers = Asset Accounts
• 2000 detail account numbers = Liability Accounts
• 3000 detail account numbers = Equity Accounts
• 4000 detail account numbers = Income Accounts
• 5000 detail account numbers = Cost of Sales Accounts
• 6000 – 7000 detail account numbers = Operating Expense Accounts
• 8000 detail account numbers = Other Income Accounts
• 9000 detail account numbers = Other Expense Accounts

Step 1: Creating General Ledger Accounts

From the menu, click General Ledger > Maintenance Functions > Chart of Accounts.

1. Press F6 in the Account Number field to view a list of accounts that currently exist on your system. Review the existing accounts to assist with assigning the new account number and selecting an appropriate location in the chart of accounts for the new account.
2. Once the new account number has been determined, click Cancel, then type in the new account number into the Account Number field. Press enter.
3. After entering the new account number, a message will display - “Invalid Detail Portion – Do you wish to create it?” Click Yes. At this point, the company and cost centers have been automatically created.   This action is tying the Company number, Cost Center number and the Detail Account number together to create the complete GL account number.

Step 1: Creating General Ledger Accounts, cont’d

4. Type the Long Description. After entering the long description, press enter, and the short description will auto-populate. You can leave it or change it. Click OK.

5. Enter more details about the new account:

Account Type: Required on all chart of account numbers.  Select the appropriate type from the pull down menu.

Closing G/L Account:  If you are creating an Income or Expense type account, the “Closing G/L Account” field will automatically populate – DO NOT

            CHANGE OR DELETE THIS.   The closing account is vital in the printing of the Balance Sheet and the Year End Close process.

Additional Description – Not required

Step 1: Creating General Ledger Accounts, cont’d

Enter more details about the new account, cont’d

Duplicate Cost Centers:  Income and Expense accounts can be duplicated to other cost centers.

            In the example below, the Bonuses expense account was first created as 1006592 then duplicated to Cost center 05 Sales and 20 Marina Ops.

NOTE: ALL account numbers should be initially created in the 00 Administrative cost center.  This will help facilitate a better/easier way to create your Financial Statements using Substitution Tables.

            If you are creating an account that should exist for ALL cost centers, such as Telephone Expenses, that will be allocated across all cost centers, you can

            check the ALL Cost Centers Box to create the multiple GL account numbers.  Make sure you want the account number in ALL cost centers before you

            check this box.

          When done click the Save icon, then click the Clear icon and repeat if desired.

Step 1: Creating General Ledger Accounts, cont’d

6. Review the new account(s). Go to General Ledger > Maintenance Functions > Chart of Accounts. Press F6 at the Account Number field, then enter a portion of the text of the new account.

In this example, the Administrative, Sales and Marina Ops cost centers accounts have been created:

Step 2: Print or Preview the Entire Chart of Accounts

Go to General Ledger > Listings > Chart of Accounts.  Click on the Report Icon at the top of the page and either print or preview the report.

            This report displays the Account Number, Company ID, Cost Center and Short Description of the chart of account number:

Step 3: Adding new account numbers to the Financial Statement Table

The Financial Statement table is an outline of how your financial statement will print.   There can be up to 99999 lines to a financial statement, so when adding a new line, it is a good practice to leave a blank line between each line so you can insert another line if necessary.

New account numbers are not automatically added to the Financial Statements.  You will need to know where the new account should be located on the Financial Statements.

1. Determine which FS Table you are currently using (it is possible that more than one table needs to be updated):

           Go to General Ledger > Reports > Financial Statements and press F6 in the Financial Statement ID field.  This grid lists all financial statements

           available.  Decide which report will receive the new account number, then review the table number in the 3rd column.  This will be the Financial Statement

           Table id to be used and entered in the next step.

Step 3: Adding new account numbers to the Financial Statement Table, cont’d

2. Review a similar line as an example AND determine the new line number to be assigned to the new account number:

           Go to General Ledger > Maintenance Functions > Financial Statement Tables

Table Number: Type in the Table number from step 1, then press enter.

Statement Line Number: Press F6 to scroll and browse existing line numbers in the general area you wish to add this account.

           In this example, an appropriate location for the new account would be between Salaries (50660) and Misc Suspense (50670) at line 50665. (A best

           practice is to split the available line numbers in half to allow for future accounts). Notate the line number to be designated to the new account.

Step 3: Adding new account numbers to the Financial Statement Table, cont’d

3. It is a good practice to review how a similar line is set up.

           To do this, click Select on one of the lines near where the new line will be added.

           This will display the parameters for a similar line.

           Note the set up or take a screen shot for reference.

           Click the Clear icon to clear the screen. The form is now ready for the data for the new account.

Step 3: Adding new account numbers to the Financial Statement Table, cont’d

4. To add the new general ledger account number to this table, complete the following fields:

Statement Line Number - Type in the new line location, which was notated in Step 3 above, then press Enter

Line Information Grid

Long: Type in an appropriate description, then press Enter

Short Description: This will auto-populate, but can be changed

Print Characteristic: not used

Record Type: Select an option from the pull down menu. If Detail is chosen, the form displays more fields to be configured, as shown below.

Line Type: Select the appropriate option from the pull down menu

Statement Section: Enter a value is entered here to create a “Sectional Financial Statement” that will print all lines with that value on it.  An example

                  of a “Sectional F/S” would be for all wage accounts.  “PR” could be entered into the box for Statement Section and then when creating a F/S report to

                  print, “PR” would be entered in the Statement Section box of the report generator.

Step 3: Adding new account numbers to the Financial Statement Table, cont’d

Percent Information Grid  gives you the ability to print Financial Statement with percentages.

Base Percent lines 1,2,3 – Enter a Base Percent Line to print percentages for this statement line. This option allows you to determine how given lines on

          the financials compare to another line on a percentage basis. You can indicate a base line for each Arithmetic, Detail, Sub-total, or Total line of any financial.

          If a base line is specified, the net values (period-to-date or year-to-date) for the current statement line are calculated as a percentage of the net values on

          the given base line.

General Ledger Grid**:** If you selected a Record Type of Detail for a line, a General Ledger section will appear.

     Enter the general ledger account to be associated with this line.

     NOTE: Financial Statement Table lines can be set up in a “summary” format as an alternative to having each general ledger account on its own separate line on

     the Financial Statement. Assign the G/L accounts to be summarized on this line.

Alternate Method of Adding an Account Number to a Financial Statement

An alternate method of assigning the new chart of account number to a financial statement table is to do this in Chart of Account Maintenance (while creating the account number).  This will only work if the new account number is going to be added to an existing line on the financial statement table.   You CANNOT create a new line number for a financial statement table in this tab.

**If at any point you run into any issues, feel free to email [email protected] for assistance.**