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xTuple QuickStart Wizard Product Guide |
| 1. Chart of Accounts | ||
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 | Chapter 3. Accounting |  |
Configure Accounting Module: General Ledger (G/L)Setting up the default account number structure is one of the primary purposes of the G/L configuration. The system uses a multi-segment approach to defining G/L accounts. The various segments include the following:
Company segment.
Profit center.
Base account segment (also known as natural accounts).
Subaccount number.
Depending on the parameters selected, the system will display G/L account numbers in the profit center-account number-subaccount sequence. An example of this sequence would be 001-11111-001.
Enter numbering scheme for payables credit and debit memos.
Enable EFT Check Printing.
Enter numbering scheme for receivables credit and debit memos.
Create standard remit-to address.
Select grace period for credit warning.
Enter CompaniesThe master list of companies is used as the first set of numbers in the G/L segments.
Select to enter a company into the system.
Advanced functionality for multi-company financial consolidation. However, we strongly recommended you review available documentation before considering this approach.
Edit Profit Center NumbersBusiness organizations may be organized by profit center, where the profit center's revenues and expenses are held separate from the main company's in order to determine their profitability. Examples of typical profit centers include a store, a sales organization, and a consulting organization whose profitability can be measured.
Click to create a profit center.
Edit Subaccount NumbersA subaccount number provides an alternate method for categorizing an account number. Subaccounts are often thought of as being accounts-within-accounts. The last segment of an account number is the subaccount number.
Enter any additional subaccount numbers used in your business.
Review/Edit Chart of AccountsThe Chart of Accounts screen displays information on all existing G/L account numbers defined within the application, including company segment (if used), profit center (if used), account number, subaccount number (if used), account description, and account type.
The Quickstart database includes a set of G/L accounts.
Review the chart of accounts and edit or delete any which are not applicable to your organization.
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| Chapter 3. Accounting |  | 2. Tax Setup |