Creating a general ledger account

General Ledger Account maintains an organization's accounting records. It includes accounts such as current assets, fixed assets, liabilities, revenue-expense items, gains and losses. Cloud Lending Inc. provides advanced accounting features to the end users.

General Ledger Account maintains an organization's accounting records for accounts such as current assets, fixed assets, liabilities, revenue-expense items, gains, and losses.

The Accounting module allows you to:

Create General Ledger accounts and define the Chart of Accounts.
Link the General Ledgers to the loan products and automate Asset Product Accounting.
Link the General Ledgers to the different fees and automate Fee Accounting.
Link the General Ledgers to the different Tellers and automate Teller Accounting.
Link the General Ledgers at the Branch Level and automate Check clearing, suspension of Loan Accounts and Write-Offs.
Post internal transfer entries between General Ledger accounts and maintain your Book of Accounts for all internal accounting transactions such as petty cash expenses, fixed assets booking to name a few.

Note:

General Ledgers can be added or edited at any point of time, but they cannot be deleted.

Prerequisites

The following is the prerequisite for creating a general ledger account:

CL Product is set up

Steps

Perform the following steps to create a new general ledger account:

Log in to your Salesforce account.
Click Servicing Configuration.
Go to Accounting.
Go to Accounts.
Click Create General Ledger Account.
The New GL Account page is displayed.
Specify the general ledger Account Number.
Specify or click on the lookup icon to select the Account Type. For example, assets, liabilities, income, expenditure, or equity.
Specify the Description, if required.
Specify the Balance.
The balance amount here indicates the opening balance for the general ledger account.
Select the JV (Journal Voucher) Allowed checkbox if you want to allow journal voucher posting to the general ledger account.
Specify or click on the lookup icon to select the Fiscal Year.
Note:
This is the general ledger fiscal year associated with the general ledger account.
Specify the Branch.
Specify the Opening Balance.
Specify the Parent Account.
Specify a description in Long Description.
Select Is Leaf checkbox to allow transactions on the general ledger account.
Note:
Deselecting the Is Leaf checkbox allows the general ledger account to be used for summation purpose.
Specify the FY (Financial Year) Closing Balance of the selected fiscal year.
Select the Is Master checkbox while creating a general ledger account.
Click Save.
The General Ledger Account is created and displayed in the ??????