The Profit/Loss report and the Balance Sheet will only work properly if we have the correct chart of accounts that they are written for. If we do not, we must create our own Chart of Accounts, and modify these reports to fit the Chart of Accounts. Open the General Ledger
1. Ensure you are in the correct Company, and click on the New button
2. Remember that we allocate all other codes used in the system to feed into a certain General Ledger Account, so it is important to fully plan the General Ledger Accounts
3. Enter the Account Number, Name and Description
4. Click on the drop down box for Group, and choose whether this Account Code is an Asset, Liability Expense etc.
5. Click on the Drop down box for the Tax Code, and choose an appropriate tax code
6. Click OK when you have entered all the details
7. A message is displayed “Do you wish to create another account? Answer with an “N” to complete
8. Close the General Ledger module, click Yes to the confirmation message