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Click on the create a new account icon
In the pop-up, complete the following fields:
Account number: a unique GL account number (May include letters but this is NOT recommended)
Account name: name of the GL account
Account type: The type of finance account
Operating account: to identify the P/L accounts
Balance sheet account: to identify the BS accounts
Header: to identify this account will be used as the “starting-from” account (No entry can be posted against this type of GL account)
Sum from account: to identify this account will be used as the total account. This type will be used together with the next field “Sum from account”. (No entry can be posted against this type of GL account)
Sum from account: Select the account number that will be summed from and down to this line. This shows the sub-total for a group of accounts for reference purposes. (Usually, the account with type is set Header will be selected here. You can only complete this field if the account type is Sum from account).
Line number: The sort order of the account on the chart of accounts view. It is recommended to have the line number and account number the same.
Add this account to all companies: if you have multiple companies set in the system, this option allows you to add this new account to all existing companies so that you need not repeat the steps in the other companies
Click OK ok to confirm and proceed with creating a new account
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Blocked (checkbox): allows deactivating the account if you don’t want to use this account any longer. Since we can’t delete a GL account that has transactions, this “Blocked” “blocked” option will prevent the account from being selected and posted posting any new entry against it.
Act VAT (GST) code: The activity VAT code is defined on each finance account and determines the handling of VAT deduction. By selecting the code, the system will suggest this “Activity VAT (GST/tax) code” whenever you try to post something to this account. You can always change the “Activity VAT (GST) code” on the actual transaction. Nothing is locked by having this code filled out.
This is for European countries only; leave blank for other countries outside Europe.
The VAT code is NOT needed on the account with when the account type is “Header” or “Sum from accounts”.
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The system requires certain accounts used in the finance setup (Settings > Finance) must to be set as “Automatic”. Otherwise, WorkBook will prevent all financial posting in the system.
| Note |
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If it is required to have a manual posting on an “Automatic” account, the system variable 484 may be used to override the restriction. This can only be done by the System Administrator and it is recommended to turn off when finish the system variable once finished posting the manual entry against the automatic account. |
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Report Settings: these settings will be used for generating the financial reports and as well as on the COA list view .
Line number: The sort order of the account on the chart of accounts view. It is recommended to have the line number and account number the same.
Indentation: to define how many spaces will be added in front of the account name in the Chart of Accounts and some other financial reports.
Enter 0 = Do not indent the account.
Enter 1 = Indent the account by 1 space
Enter 2 = Indent the account by 2 spaces and so forth
Line Feed: to create a number of empty lines after this account on certain reports
Line Style: Adds a style to the account that will be used on certain finance reports with the options below:
No style
Line under
Line over
Line under and over
Background colour grey
Frame (box around the account)
Force page break after this account (checkbox): Inserts a page break after this account on certain finance reports. Select the checkbox if want to insert a page break, leave the checkbox unselected if don’t want to.
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This menu allows defining a specific dimension that you want to track on the GL account level.
To define the relevant dimension, :
Select the account from the account list
Toggle on the sidebar property and click the icon
to assign the dimension to the selected account . Click Create create button to confirm adding the dimension to the account.
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You can define as many dimensions as needed on a GL account. The dimension must be set to enable in General Ledger under“Settings Settings > Dimensions > Dimension setup”setup so that it can be selected in this view.
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This is an approval process that is used on the Creditor Invoice (Supplier/Vendor invoice).
Usually, the finance account approval process is set up for the special account accounts that required a more senior manager to approve in addition to the normal Creditor creditor approval process defined under “Settings Settings > Company approvals”Approvals.
To add a new approver to the selected account, click on the icon and select the employee from the pop-up window.
Employee: select the approver from the dropdown list
Priority: the priority level to raise the approval notification (1 is the highest priority).
Trigger amount: Which amount will trigger this approval process?
Allow move of approver (checkbox): does it allow to move the request to another approver? Select the checkbox if it is allowed; Leave leave it unchecked if it must be this specific approver to approve the request.
Active (checkbox): is this an active approval process?
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This menu allows translating the account name into different languages in WorkBook. This translation will only be used when generating financial reports but will not make any change in the user interface.
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Finance Account Period
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Balance
This menu allows tracking the balance of the selected account per each accounting period defined in the system starting from the beginning until today.
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