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