Create New GL Accounts for Cost of Sales

Accounting > General Ledger > General Ledger

This article explains how to create a new General Ledger account, including setting the account type to Cost of Sales and assigning Reporting Accounts for financial statements.

In the Primary Grid:

1. Click the [New] button in the Action Ribbon.

Within the General Ledger Account Screen:

1. Input the Account in the Master field. Use the Account Prefix and Sub fields if applicable.

2. Input a Description of the account being created.

3. Click the Type dropdown and select Cost of Sales.

4. Set Counts Allowed to [Yes] or [No].

5. Click [Save] In the Action Ribbon.

6. Click [Reporting Accounts] in the Action Ribbon to open the Reporting Accounts window.

7. Enter the appropriate Reporting Account number for each Financial Statement listed. If you are unsure which numbers to use, consult your chart of accounts or your accountant.

8. Click [Save].

Note: This workflow requires saving twice — once after completing the account details (Step 5) and again after assigning Reporting Accounts (Step 8). Both saves are required to commit all data correctly.