GL > Chart of Accounts > Create a New Account

Normally, your chart of accounts would be imported into the system during the implementation. This article shows you step-by-step on how to create and add a new GL account to your existing chart of accounts.

To add new GL accounts you will need access to the finance & administration module > general ledger > chart of accounts.

Please reach out to your WorkBook system administrator or your Consultant if you cannot access the module/menu.

ON THIS PAGE YOU WILL FIND:

ON THIS PAGE YOU WILL FIND:
1 CREATE A NEW ACCOUNT 2 UPDATE AN EXISTING ACCOUNT (ACCOUNT PROPERTIES)

CREATE A NEW ACCOUNT

Go to the finance & administration module > general ledger > chart of accounts
Go to the list tab > 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 to confirm and proceed with creating a new account

It is possible to have many levels of accounts in WorkBook. Usually, it is recommended to use the Header type and Sum from account to group the accounts under each level and use the indentation to arrange the accounts.

UPDATE AN EXISTING ACCOUNT (ACCOUNT PROPERTIES)

Once you have finished creating the new account, find and select the account from the list for further settings and/or editing (you can do the same for the existing accounts).

Account Settings

From the list of accounts > select the account that has just been created
Then click on the sidebar option > account settings tab

You will be able to find and edit the information that has previously been entered
To change the account number, use the change account number option to edit
In the pop-up window enter the new account number > click ok

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” option will prevent the account from being selected and 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 when the account type is “Header” or “Sum from accounts”.

Automatic (checkbox): is a setting that prevents users from posting manually on a finance account
- Select the checkbox if the account should be an automatic account
- Leave it unchecked if the account should NOT be an automatic account

Creditor invoice (checkbox): This allows the GL account to be used when registering a Creditor (AP) invoice. It is recommended to leave those accounts not used for costs or accruals unchecked.

Report Settings: these settings will be used for generating the financial reports 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.

Reference Codes: a custom code used for reporting or grouping accounts; this may also be used for integration purposes. There are up to 5 reference codes that can be set on an account.
Ext. Number: An external reference number for the account if it is required to map with another finance system. This is usually used when there is an integration between WorkBook and another finance system.

Dimension

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 and click the icon to assign the dimension to the selected account
Click create button to confirm adding the dimension to the account

Finance Account Approval

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 accounts that required a more senior manager to approve in addition to the normal creditor approval process defined under settings > company 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 it unchecked if it must be this specific approver to approve the request.
Active (checkbox): is this an active approval process?

Account Name Translation for Reports

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.

Finance Account Period 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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