Create a Ledger Account / Chart of Accounts

In this article, we will review how to add a Ledger Account into the Chart of Accounts screen.

General Navigation

1. In the left navigation bar, navigate to Settings > Finance > Chart of Accounts

2. Chart of Accounts screen

    a. Account Name: After a ledger account has been created, the name of the account will be visible

    b. Sub-accounts: When a ledger account is created, the option to create it as a sub-account will be            available, allowing you to further organize your ledger accounts

    c. Account Code: If an account code was added upon creation, it will be visible here

    d. Group Filter: Allows you to filter by office/division

    e. Type: The type of account (i.e., Asset, Liability, Equity, Income, Expense) will be displayed

    f.  Create: Click here to create a new ledger account

   g.  Action dropdown: Allows you to edit a ledger account or view Transactions 

Creating Ledger Accounts

1. Click Create in the top right-hand corner of the screen 

2. Account Type: Select the appropriate account type from the dropdown

3. Ledger Account Name: Add the name that clearly represents the types of transaction it represents

4. Ledger Account Code (Optional): If applicable, add an account code that your brokerage uses to                further categorize and track financial transactions 

5. Ledger Account Description (Optional): Add an additional description, if needed

6. Accessible for all Divisions/Offices & Accessible for:  Select the appropriate option - see additional details below

7. Click Create

Overview of Accessible for all Divisions/Offices & Accessible For

Its important you select the correct option here for reporting purposes.  Since ledger accounts will be associated with products/services, the option you choose here will affect whether you will be able to associate invoices/bills to individual offices/divisions for reporting purposes

    Option 1: Leave unchecked and don't select an office/division

• You will not be able to associate a product/service (on a bill/invoice) to an individual office for reporting purposes
  • • Example of an product/service line item in Bills/Invoices screen

    Option 2: Check the "Accessible for all Divisions/Offices" box

• You will be able to associate a product/service (on a bill/invoice) to any division/office for reporting purposes
  • • Example of an product/service line item in Bills/Invoices screen

    Option 3 (Accessible for): Add one or more divisions/offices (leave "Accessible for All Divisions                 unchecked"

• You will only be able to associate the divisions/offices you add here to a bill/invoice

• • • Example of an product/service line item in Bills/Invoices screen

Updated October 12, 2024 01:14