Creating a General Ledger Account

How to: Create a general ledger account in Comsense. 

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

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Enterprise Navigation Menu; shows location of System Options and Chart of Account
Image 1: Left-Hand Navigation Menu

Creating a 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 
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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. The account name is used to search for the account 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 to a Transaction Type

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 transaction type whereas the remaining tabs are more specific.

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.

Accessing Profit & Loss Model

Enterprise > System Options > Profit & Loss Model

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Enterprise Navigation menu; shows the location of Profit & Loss Model.

Adding the Account to a Profit & Loss Model

In the Profit & Loss Model window:

  1. Open the profit & loss model
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Profit & Loss Model Find window; shows a selected model number and the location of the Open.
  1. Drag & Drop the account to the appropriate profit & loss model group
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Profit & Loss Model window; shows the new GL account line item and an arrow symbolizing dragging and dropping.
  1. Click Save & Close
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