Adding a New General Ledger Account

How to: Add a new general ledger account. 

Environment: Comsense Enterprise

Purpose: Track company finances in Comsense.

In this article:

Understanding Account Classes & Their Limitations

It is important that you choose the account class carefully. The reasons are that:

  • The account class determines where the account goes in the balance sheet and profit and loss models for operations and reporting
  • In Comsense, control accounts automatically generate journal entries during system transactions 

This means you cannot create manual journal entries or perform manual distributions using control accounts.

Comsense control accounts are:

  • Accounts Payable
  • Accounts Receivable
  • Accrued Payable
  • Customer Deposit
  • Inventory
  • Prepaid Payables
  • Stock Transfer in Transit
  • Undeposited Funds
  • Work in Process
  • Supplier Returns in Transit

 

 

 

Accessing Chart of Accounts

Enterprise > System Options > Chart of Accounts

Click image to enlarge
Navigation Menu; shows location of System Options and Chart of Account
Image 1: Left-Hand Navigation Menu

Adding a New General Ledger Account

In the Chart of Accounts window:

  1. Right-click the empty space
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Chart of Accounts window; shows right click menu and add new account.
Image 2: Chart of Accounts Right-Click Menu
  1. Click Add Account
    • A fillable line item will appear at the bottom of the Chart of Accounts list

In the fillable line item:

  1. Enter the:
    1. Account ID
      • Account ID should fit in your general ledger numbering convention
    2. Name
    3. Account Class
  2. Click Save 
Click image to enlarge
Chart of Accounts window; show new general ledger account line item.
Image 3: New General Ledger Account Line Item

*Note: The account name must be unique to the account. You will search for this account using the account name in other windows.

You now have a new general ledger account and must assign the account to a transaction type.

Accessing Account Assignment

Enterprise > System Options > Account Assignment

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Enterprise Navigation menu; shows the location of System Options and Accout Assignment.
Image 4: Enterprise Left-Hand Navigation Menu"

Assigning Accounts 

Account assignments group similar transaction types to map the general ledger based on the source of the transaction. Each general ledger account must be assigned to a transaction type. The Company tab is a catchall.

In the Account Assignment window:

  1. Click the tab with the corresponding transaction type
    • E.g. Bank Account for bank accounts

In the fillable line item:

  1. Select the Account in the Account column
  2. Fill in the remaining line item fields with the corresponding information
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Account Assignment window; shows the Account column and Description column of the Bank Account tab.
Image 5: Account Assignment Window
  1. Click Save

The general ledger account now has an account assignment.

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