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General Ledger Accounts

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Overview 

General Ledger accounts are required in Ascent if you wish to create journal entries for each translation that has financial implications.  Of course, you would need to have AFP (Ascent Financial Platform) installed first.

To create a general ledger account, you would select the function GL Accounts:

 

Then, select New at the upper right hand portion of the screen, and then you’ll see this:

 

The fields available to be entered are:

  • GL Account Name – self-explanatory.   It can be alphanumeric.  Examples of GL accounts are :
    • 1010 – Cash in Bank – Chase
    • 4010 Sales Revenue – P/L 2017
    • Accounts Payable – 3140
  • Type – this field is selectable, with two values:

  • Active – if this is checked, then this account is active.  If not, then it is inactive.
  • Reporting Code – this is a unique value to this general ledger account. It can refer to where on your financial statement this account appears.
  • External ID Detail – this would be used to identify an ID for any system external to Ascent. 
  • Bank – if this is checked, then this account is for a bank account
  • Sub-Type – this field is selectable.  Depending on what value is entered in the Type field, you would have different options:
    • If Type = Balance Sheet, your options are:
    • If Type – Profit and Loss, your options are: 
      A completed General Ledger account might look like this:

 

 

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